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Bob Schaffer on Free TradeSenate challenger 2008; previously Republican Representative (CO-4) |
"When you give these companies a [tax] holiday, that rewards these companies for creating these jobs overseas & not here," Udall said.
Schaffer, however, said a temporary reduction in the repatriation tax would, in fact, strengthen the US economy. "What would be a more powerful boost to the economy is exploring multiple strategies to pump private capital, real dollars, into the economy," Schaffer said. He said Congress did this as recently as 2004, dropping the repatriation tax from 35% to 5.25%, bringing $362 billion into US banks.
Schaffer said Udall's criticism of the plan to lower the repatriation tax is curious: "He voted for it at its last step before it went to the president," Schaffer said. According to congressional records, Udall voted for the 2004 American Jobs Creation Act on Oct. 4, 2004, after he voted against it in June.