National Democrats are attacking Republican House candidate Tim Burns because he was an executive for a healthcare company that deferred taxes on income earned overseas.
The Obama administration wants to repeal deferral, which has long been criticized by some Democrats as a tax loophole that allows companies to shelter income abroad. Critics believe it leads to the out-sourcing of U.S. jobs. Research has shown the practice costs the federal government from $12 billion to $28 billion annually in lost tax revenue because the money is often reinvested abroad and never repatriated.
Burns is running against Democrat Mark Critz in the special election for the late Rep. John Murtha’s (D-Pa.) seat. The Republicans consider the race a pick-up opportunity, and the fight over taxes and jobs could be a key issue given the economy.
