pick the up on it and said let s pass a bill. this should not have any vote against it. guest: the main problem we wanted to point out no one should pay taxes on income they earn overseas. we used the him big at leasts as an example, something people could relate to. what senator rubio does, exempts olympic winnings. that is a good idea, and certainly is a tax relief we welcome. but the main point is there are lots of americans earning income overseas paying taxes over there in many cases and, also, paying taxes to the i.r.s. so we need to move toward a territorial tax system like the rest of the world. eric: you touch on something very important this i have talked about for a look time on the network, the repatriation tax, i am for zero percent repatriation tax. where are you? guest: we agree. the last time there was a round repatriation in 2005, there was over $320 billion came back to
dealing going on. we will give you money to support the campaign but look at the repatriation tax. neil: they thought they had a grand slam until this guy called foul.
are making so much money and begging, pleading with the president, do not beat us out for being successful. neil: and brazil does not punish the companies that invest abroad or china. guest: and they do not have the repatriation tax. neil: your thoughts on g.m., freezing pensions for white color workers, and this is a company we took over as taxpayers. what do you make of that? guest: in some ways that reminds me of america s own version of greece. a major problem. we bailed them out and rather than traditional bankruptcy, still that would be the sail company but with private owners and the america taxpayers own 500 million shares and get $128 billion pension, the largest outstanding next in america $30 billion unfunded. but here is the thing, finally, they come to realize we cannot guarantee the workers their money. they have to have a 401(k) like everyone watching the show.
trillion into the u.s. economy. what is that, senator? guest: a number of things right now including eliminating the repatriation of foreign-earned wealth penalty on u.s. corporations operating abroad. this is something that would allow free market forces to operate as they were intended and we could stop penalizing american businesses just for earning money and that would bring money back into the united states, money that doesn t come from the federal government. neil: it could bring a lot of money back but the criticism from your democratic colleagues it goes to the institutions and their shareholders and that will not create jobs. guest: well, that is why with the legislation i introduced today, we would make this not just a simple temporary tax holiday, it would be permanent. we would permanently reduce the repatriation tax to 5 percent, down from 35 percent. when you do it temporarily you
budget and make sure we get rid of the programs there s billions and billions so much waste we sent over to the wars, waste. it astounding that we are worried about where money is you won t find an ounce of disagreement with me. we should have a budget and implement these items if you want money there s 1.2 trillion dollars that americans companies have already earned. if we have a 0% what is called a repatriation tax overnight we ll see 1.2 trillion that the tax players aren t supplying that they don t have to pay back, that we don t have to borrow from china, overnight greta: the corporate money? yes. greta: i guess it goes through the economy. it is not coming back to the corporate till. it is permanent. 0% repatriation tax through december 31st, make it