An article on the front page of the New York Times yesterday reported on the pressure some major corporations—such as Microsoft— put on Congress and the administration to have a tax break implemented to make it cheaper for them to bring their money back to the states.
What the corporations and their lobbyists are asking for is known as a repatriation holiday, which would bring the tax rate on profits returned to the states down to about 5 percent from 35 percent for one year.
Here's a look at the influence efforts behind the names and corporations mentioned in the piece:
- Apple made $165,848 in campaign contributions for the 2009-10 election cycle. The technology giant reported spending just over $3 million in lobbying money between the years 2009 and 2010 with $560,00 of that money going to Capital Tax Partners. Capital Tax Partners regularly lobbies on tax related issues. For the first quarter of 2011, the company has reported paying Capital Tax Partners $80,000.
- Microsoft made $4.4 million in campaign contributions during the 2009-2010 cycle and reported spending $13.6 million on lobbying for those same years.
- Google made $1.4 million in campaign contributions in 2009-10 and reported spending $9.1 million lobbying Congress.
- Kevin Brady, a R-Texas, received just over $1 million in campaign contributions for the 2009-10 election cycle.
- Celanese Corporation made $31,562 in campaign contributions during the 2009-10 election cycle and spent $160,000 lobbying Congress those same years.