Senator Disputes Oracle’s Claim About New Jobs
A 2004 tax break for U.S. companies bringing home overseas profits didn’t lead to more net U.S. jobs at technology company Oracle Corp., the company that claimed to have generated the biggest job growth among the 15 largest beneficiaries of the tax holiday, Sen. Carl Levin (D., Mich.) said Tuesday.
Oracle instead used foreign profits it brought back to the U.S. at a lower tax rate to acquire two companies and halve the work force at one of those firms, Mr. Levin told reporters Tuesday, one day after the Democratic staff of the Senate Permanent Subcommittee on Investigations released a critical investigation of the 2004 repatriation tax holiday. Mr. Levin is the chairman of the subcommittee.
