Financial Transparency Coalition

This entire blog post is devoted to three sentences that came out of Senator John McCain’s mouth on Tuesday. "A whole blog post for three sentences?" You might ask. Well, yes. Those sentences were just that shocking. But before I get down to exactly what Mr. McCain said here’s a little background. In 2004 Congress passed the Homeland Investment Act, which provided a one-time tax holiday for the U.S. multinationals to repatriate foreign earnings. Normally, when companies bring back profits that are earned abroad, they are taxed at the standard 35% corporate tax rate. The Act allowed those companies to...