Following up on yesterday’s post, Administration, GOP Spar Over Repatriation Tax Holiday: Bloomberg, Republican Tax Chiefs Cool to Cisco, Google Offshore Tax Plan:

The top Republican tax writers in the U.S. Congress aren’t endorsing a call by Cisco, Google and other multinational corporations for a temporary tax break on repatriating profits held offshore.

Representative Dave Camp, the chairman of the House Ways and Means Committee, and Senator Orrin Hatch, the top Republican on the Finance Committee, said through aides yesterday that they want to consider the repatriation issue as part of a comprehensive look at rewriting the U.S. tax code.

That puts Camp, Hatch, and another Ways and Means member, Representative Patrick Tiberi, in the middle of a political fight with more than $1 trillion at stake. On one side are the companies and House Majority Leader Eric Cantor, a Virginia Republican who backs a so-called tax holiday for repatriated profits even while Congress considers a broader overhaul. On the other side is the U.S. Treasury Department, which yesterday criticized the idea, calling it a mistake that would benefit only a narrow slice of businesses.