Here is some truly disturbing news. The Obama administration, which came into office pledging to end the endless deferral of corporate income tax on income not repatriated to the US, has now quietly given up on this.

Why is this important? First, tax deferral costs an estimated $20 billion a year to the Federal treasury. $200 billion over 10 years is more than 20% of the cost of the health care bill.

Second, deferral means that the money stays overseas and creates jobs abroad rather than creating jobs in the US.

One more broken promise. This just stinks.

http://wonkroom.thinkprogress.org/2009/10/13/no-corporate-tax-reform/