1150 Seventeenth Street, N.W., Washington, D.C. 20036
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Included in the American Jobs Creation Act of 2004 was a one-time tax holiday for the repatriation of foreign earnings by U.S. multinationals, which allowed 843 corporations to repatriate $362 billion at a reduced tax rate. Recently, Senator Carl Levin (D-Mich.), chairman of the Permanent Subcommittee on Investigations, initiated an
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investigation to examine whether these firms used the repatriated earnings to generate jobs, as was intended. A new paper by University of Connecticut economist Dhammika Dharmapala examines how these firms spent the money and finds that very little was invested. Instead, firms used nearly all the money to buy back shares from shareholders.
Dharmapala will present the results from his paper. AEI research fellow Alex Brill and Georgetown University's Rohan Williamson will discuss the paper's findings and its implications for future tax policy. AEI resident scholar Alan D. Viard will moderate.
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8:30 a.m. |
Registration and Breakfast | |
| 9:00 | Presenter: | Dhammika Dharmapala, University of Connecticut |
| Discussants: | Alex Brill, AEI | |
| Rohan Williamson, Georgetown University | ||
| Moderator: | Alan D. Viard, AEI | |
| 10:30 | Adjournment |
American Enterprise Institute
1150 Seventeenth Street, N.W.
Washington, DC 20036
Phone: 202-862-4870
E-mail: VRodman@aei.org
Alex Brill is a research fellow at AEI. Prior to joining AEI in 2007, he served for five years on the staff of the House Ways and Means Committee, where he was chief economist and senior adviser to the chairman. In this capacity, he led the staff in work on major tax, pension, trade, and health legislation and oversaw efforts to expand the analytical capability of the Joint Committee on Taxation's revenue-estimating process. In addition to providing legislative and policy counsel to the chairman, Mr. Brill advised committee members about the effects of various tax, trade, health, and Social Security proposals and general economic trends. Prior to his work for the committee, he served on the staff of the President's Council of Economic Advisers. Mr. Brill began his career in Washington as a research assistant at AEI. He has written on a variety of tax policy issues.
Dhammika Dharmapala is an assistant professor of economics at the University of Connecticut. His dissertation, on the political economy of congressional budgeting, received the National Tax Association's Outstanding Doctoral Dissertation Award. He has been a visiting assistant professor at the University of Michigan, a postdoctoral fellow at Harvard University, and a John M. Olin Visiting Fellow at Georgetown University Law Center. His research focuses on tax and fiscal policy, with particular emphasis on the effects of corporate and international taxation on the behavior of firms.
Alan D. Viard is a resident scholar at AEI. Prior to joining AEI, he was a senior economist at the Federal Reserve Bank of Dallas and an assistant professor of economics at Ohio State University. He has also worked for the Treasury Department's Office of Tax Analysis, the President's Council of Economic Advisers, and the Joint Committee on Taxation. Mr. Viard has written on a wide variety of tax and budget issues.
Rohan Williamson is an associate professor of finance, area coordinator, and the Holowesko Faculty Research Fellow at the McDonough School of Business at Georgetown University. He specializes in corporate governance, international finance, and risk management/hedging. He is currently conducting research in the areas of corporate governance, corporate investment decisions, risk management, and corporate liquidity. Mr. Williamson teaches courses to both undergraduates and MBAs in the areas of risk management and international finance. He has also taught many executive level courses.
