Treasury shoots down Cantor's push for a corporate tax holiday

The Obama administration on Wednesday reiterated its opposition to allowing corporations to bring overseas profits back to the United States at a reduced tax rate, arguing this should only be considered as part of a broader overhaul of the corporate tax code.

In a blog entry posted Wednesday, Michael Mundaca, the assistant Treasury secretary for tax policy, says the push for a so-called repatriation holiday would take attention away from the bigger goal of corporate tax reform. He also cast doubt on the idea that a repatriation holiday sparks economic growth.