REPATRIATING OFFSHORE FUNDS: 2004 TAX WINDFALL … · (iii) c o n t e n t s page repatriating...

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1

70–710

COMMITTEE PRINT " ! 112th Congress 1st Session

S. PRT.

2012

112–27

REPATRIATING OFFSHORE FUNDS: 2004 TAX WINDFALL FOR

SELECT MULTINATIONALS

MAJORITY STAFF REPORT

PREPARED BY THE

PERMANENT SUBCOMMITTEE ON INVESTIGATIONS

OF THE

COMMITTEE ON HOMELAND SECURITY AND GOVERNMENTAL AFFAIRS UNITED STATES SENATE

OCTOBER 11, 2011

Available via http://www.fdsys.gov/

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ress

.#13

(II)

COMMITTEE ON HOMELAND SECURITY AND GOVERNMENTAL AFFAIRS

JOSEPH I. LIEBERMAN, Connecticut, Chairman CARL LEVIN, Michigan DANIEL K. AKAKA, Hawaii THOMAS R. CARPER, Delaware MARK L. PRYOR, Arkansas MARY L. LANDRIEU, Louisiana CLAIRE MCCASKILL, Missouri JON TESTER, Montana MARK BEGICH, Alaska

SUSAN M. COLLINS, Maine TOM COBURN, Oklahoma SCOTT P. BROWN, Massachusetts JOHN MCCAIN, Arizona RON JOHNSON, Wisconsin ROB PORTMAN, Ohio RAND PAUL, Kentucky JERRY MORAN, Kansas

MICHAEL L. ALEXANDER, Staff Director NICHOLAS A. ROSSI, Minority Staff Director

TRINA DRIESSNACK TYRER, Chief Clerk PATRICIA R. HOGAN, Publications Clerk

PERMANENT SUBCOMMITTEE ON INVESTIGATIONS

CARL LEVIN, Michigan, Chairman THOMAS R. CARPER, Delaware MARY L. LANDRIEU, Louisiana CLAIRE MCCASKILL, Missouri JON TESTER, Montana MARK BEGICH, Alaska

TOM COBURN, Oklahoma SUSAN M. COLLINS, Maine SCOTT P. BROWN, Massachusetts JOHN MCCAIN, Arizona RAND PAUL, Kentucky

ELISE J. BEAN, Staff Director and Chief Counsel ROBERT L. ROACH, Counsel and Chief Investigator

ALLISON F. MURPHY, Counsel MARCELLE D. JOHNS, Detailee

MICHAEL J. MARTINEAU, Detailee MARY D. ROBERTSON, Chief Clerk

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(III)

C O N T E N T S

Page

REPATRIATING OFFSHORE FUNDS: 2004 TAX WINDFALL FOR SELECT MULTINATIONS

October 11, 2011

I. EXECUTIVE SUMMARY ................................................................................. 3 A. Subcommittee Review .............................................................................. 3 B. Report Findings ......................................................................................... 4

1. U.S. Jobs Lost Rather Than Gained ........................................................ 4 2. Research and Development Expenditures Did Not Accelerate .............. 4 3. Stock Repurchases Increased After Repatriation ................................... 4 4. Executive Compensation Increased After Repatriation ......................... 4 5. Only a Narrow Sector of Multinationals Benefited ................................ 5 6. Most Repatriated Funds Flowed from Tax Havens ................................ 5 7. Offshore Funds Increased After 2004 Repatriation ................................ 5 8. More than $2 Trillion in Cash Assets Now Held by U.S. Corporations 5 9. Repatriation is a Failed Tax Policy .......................................................... 5

C. Report Recommendation ......................................................................... 5 II. BACKGROUND ................................................................................................ 6

A. The U.S. International Tax System ....................................................... 6 B. American Jobs Creation Act of 2004 ..................................................... 7 C. 2004 AJCA Repatriation Profile ............................................................. 9

III. SUBCOMMITTEE REVIEW ......................................................................... 10 A. Results of the Subcommittee Survey .................................................... 11

1. U.S. Jobs .................................................................................................... 12 2. Research and Development Expenditures ............................................... 17 3. Stock Repurchases ..................................................................................... 20 4. Executive Compensation ........................................................................... 23 5. Industry Sectors Benefiting from Repatriation ....................................... 28 6. Source of Repatriated Funds .................................................................... 30 7. Corporate Funds Held Offshore Post-Repatriation ................................. 33 8. Current Domestic Cash Assets ................................................................. 37 9. 2004 Repatriation Did Not Achieve Intended Stimulus Effect .............. 39

B. Conclusion ................................................................................................... 41 IV. APPENDIX ....................................................................................................... 42

Table 1—U.S. Employment ............................................................................... 42 Table 2—Stock Repurchases ............................................................................. 43 Table 3—Executive Compensation ................................................................... 44 Table 4—Dollar Value of Restricted Stock Awards for Five Most Highly

Compensated Executives at Surveyed Corporations ...................... 45 Table 5—Dividends from Tax Haven CFCs ..................................................... 54 Table 6—Post-AJCA Accumulated Offshore Funds, 2006-2010 ..................... 55 Table 7—Pre-AJCA Accumulated Offshore Funds, 2000-2004 ....................... 56

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PageIV

ADDENDUM

OFFSHORE FUNDS LOCATED ONSHORE

December 14, 2011

I. EXECUTIVE SUMMARY ................................................................................. 57 A. Report Addendum Findings .................................................................... 57

1. Surveyed Corporations Had $538 Billion in Undistributed Accumu-lated Foreign Earnings ............................................................................. 57

2. Almost Half of the Surveyed Corporations’ Offshore Tax-Deferred Corporate Earnings Were Invested in U.S. Assets ................................. 57

B. Report Addendum Recommendation ................................................... 58 II. BACKGROUND ................................................................................................ 58 III. SUBCOMMITTEE REVIEW ......................................................................... 59 IV. CONCLUSION ................................................................................................. 63

REPORT EXHIBITS

1. Excerpt from ‘‘Estimated Budget Effects of the Conference Agreement for H.R. 4520, The American Jobs Creation Act of 2004,’’ revenue chart prepared by the Joint Committee on Taxation, October 7, 2004; and letter from the Joint Committee on Taxation to The Honorable Lloyd Doggett, U.S. House of Representatives, providing revenue esti-mates for two proposals to modify Section 965 of the Internal Revenue Code, April 15, 2011 ...................................................................................... 65

2. Excerpt from Cisco System, Inc. Response To Permanent Subcommittee on Investigations Survey, 2/18/09 ................................................................ 80

3. Excerpt from Altria Group, Inc. Response To Permanent Subcommittee on Investigations Survey, 2/18/10 ................................................................ 81

4. Excerpt from Microsoft Corporation Response To Permanent Sub-committee on Investigations Survey, 2/18/09; and Microsoft Corporation FY06 Domestic Reinvestment Plan, May 25, 2006 .................................... 82

5. Excerpt from Oracle Corporation Response To Permanent Sub-committee on Investigations Survey, 2/17/09; and Oracle Corporation Section 965 Domestic Reinvestment Plan, May 27, 2005 .......................... 89

6. Excerpt from The Coca Cola Co. Response To Permanent Subcommittee on Investigations Survey, 2/13/09 ................................................................ 94

7. Excerpt from The Procter & Gamble Company Response To Permanent Subcommittee on Investigations Survey, 2/26/09 ....................................... 95

8. Excerpt from Schering-Plough Corporation Response To Permanent Subcommittee on Investigations Survey, 2/18/09 ....................................... 96

9. Excerpt from Johnson & Johnson Response To Permanent Sub-committee on Investigations Survey, 2/24/09 ............................................. 97

10. Offshore tax dodging hurts U.S. business, MICHIGAN MIDLAND DAILY NEWS, by Paul Egerman, small business entrepreneur, June 7, 2011 ..... 98

11. A Charlie Brown Congress?, THE HILL, by Frank Knapp Jr., president and CEO of The South Carolina Small Business Chamber of Commerce, June 29, 2011 ................................................................................................ 100

12. Letter to Congress: No Tax Holiday for U.S. Multinationals, sent by 12 small business groups, June 14, 2011 .................................................... 102

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0.19

0

95

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0.19

1

96

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0.19

2

97

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0.19

3

98

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0.19

4

99

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0.19

5

100

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6

101

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7

102

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0.19

8

103

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0.19

9