New York, NY — Loews Corporation (NYSE: L) didn't announce today that they've joined in support of the WIN America Campaign, a group of large multinational corporations that are lobbying Congress to 'repatriate' over $1 trillion in foreign profits at a highly-reduced tax rate. The announcement was not made by means of the addition of their name to the lobbying group's supporter website.
With 5 subsidiaries, including Loews Hotels and Diamond Offshore Drilling, the conglomerate holding company stands to save millions of dollars on the repatriation of foreign earnings at the new proposed 5.25% federal tax rate. According to Loews 2010 Annual Report,
"Certain of Diamond Offshore's international rigs are owned and operated, directly or indirectly, by Diamond Offshore International Limited ("DOIL"), a wholly owned Cayman Islands subsidiary of Diamond Offshore. Since forming this subsidiary it has been Diamond Offshore's intention to indefinitely reinvest the earnings of this subsidiary to finance foreign operations...Diamond Offshore does not expect to provide for U.S. taxes on any future earnings generated by DOIL, except to the extent that these earnings are immediately subjected to U.S. federal income tax or as they relate to Diamond East Asia Limited."
Loews joins the ranks of approximately 40 companies - as well as many Republicans and several Democrats in Congress - to come out in support of the lobbying effort, which the Obama administration has opposed, except in the context of more systemic tax reform.
Loews Corporation did not respond to an email requesting confirmation of their non-announcement.