ADVFN - Advanced Financial Network.
HOME» NYSE » A » MO Stock Price » MO Stock News

Altria Share News

 Altria Grp. Stock Price
MO Stock Price
 Altria Grp. Stock Chart
MO Stock Chart
 Altria Grp. Stock News
MO Stock News
 Altria Grp. Company Information
MO Company Information
 Altria Grp. Stock Trades
MO Stock Trades

Companies Lack Data To Show Overseas-Profit Tax Break Adds Jobs

By Kristina Peterson Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- Several major U.S. companies had trouble linking a 2004 tax break they received for bringing back overseas profits with their ability to hire more workers or increase research spending, according to responses to a Senate investigation released Thursday. A handful of U.S.-based multinationals including Altria Group Inc. (MO), Procter & Gamble Co. (PG) and Coca-Cola Co. (KO) said they had little data or could not show a connection between the 2004 repatriation tax holiday and subsequent job growth at their companies, according to their answers to a survey from the Democratic staff of the Senate Permanent Subcommittee on Investigations. Their comments come at a time when the 2004 repatriation tax holiday is under intense scrutiny as lawmakers consider whether repeating the tax break could create new jobs or spur the U.S. economy. Sens. John McCain (R., Ariz.) and Kay Hagan (D., N.C.) have introduced a bill designed to generate jobs by offering a corporate tax break to companies bringing back foreign earnings if they can show a payroll expansion. Companies including Google Inc. (GOOG), Apple Inc. (AAPL) and Pfizer Inc. (PFE) have pressed for the tax break, arguing the influx of cash would boost the economy. However, the report from the Investigations subcommittee, which is chaired by Sen. Carl Levin (D., Mich.) cast doubt on whether the extra cash prompted companies to create new jobs or add to their budget for research and development, the goals of the 2004 tax break. "Our data does not demonstrate that the repatriation resulted in a net increase in Altria Group's U.S. jobs or U.S. [research and development] expenditures," the Altria Group wrote in its response. Altria's layoffs during the six-year time period the investigation covered were linked to spinning off Kraft Foods Inc. (KFT) and Philip Morris International Inc. (PM), the company wrote. Several companies said they had no data to establish whether the tax break had helped them add U.S. jobs or increase research-and-development spending. "We have no way to determine what the levels of employment or R&D spending may have been in the absence" of the tax break, wrote executives from Procter & Gamble. Officials from Schering-Plough, which was acquired by Merck & Co. (MRK) in 2009, and Coca-Cola also said they did not have data to track the connection. A response from Microsoft Corp. (MSFT) said its increases in U.S. employees and research and development spending were "partly attributable" to the repatriated funds. Johnson & Johnson (JNJ) said while it lacked concrete data, the company felt the funds still would be helpful. "While it is difficult to point to a direct connection between repatriation and jobs and research and development, when a company can access cash at a lower rate, it is placed in a much better position to capitalize on new business opportunities," the company wrote. -By Kristina Peterson, Dow Jones Newswires; 347-882-7215;

Stock News for Altria (MO)
10/13/201510:21:00SABMiller, AB InBev Agree on Key Terms of Possible Deal -- 5th...
10/13/201507:00:00Altria Group Statement on the Joint Announcement by Anheuser-Busch...
10/13/201506:40:21Wall Street Breakfast: Time To Drink The MegaBrew
10/13/201505:01:00SABMiller, AB InBev Agree on Key Terms of Possible Deal -- 4th...
10/13/201504:56:17Will SABMiller Be Able To See Off AB Inbev?
10/13/201503:50:00SABMiller, AB InBev Agree on Key Terms of Deal
10/13/201502:46:53AB InBev, SABMiller reach MegaBrew agreement
10/13/201502:43:17SABMiller And Anheuser-Busch Inbev: Drinking Shots Of Progress...
10/12/201518:05:05The Life (And Death) Of A Dividend Growth Portfolio
10/12/201509:28:02Anheuser-Busch InBev ups offer for SABMiller
10/12/201500:14:00Retirement Strategy: Is It Possible That I Also Reach For Yield?...
10/10/201506:34:00Top 5 Dividend Growth Stocks For The Zombie Apocalypse
10/10/201506:00:00Scanning The SA Family For Alpha: WmHilger1
10/09/201517:31:30Different Ways To Think About Dividend Re-Investment, Part 1
10/08/201520:14:00Colombian Clan Holds Keys To Deal
10/08/201518:17:00Correction to SABMiller Rejects AB InBev
10/08/201514:09:00AB InBev Slams SABMiller's Rejection
10/08/201510:08:00AB InBev Slams SABMiller's Rejection
10/08/201507:04:00AB InBev Slams SABMiller's Rejection
10/08/201506:40:00AB Inbev Responds to SABMiller Rejection

Altria and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations