Apple (AAPL), Oracle (ORCL), Cisco (CSCO), Pfizer (PFE) Seeking Tax Holiday

Duke Energy (NYSE:DUK), Oracle (NASDAQ:ORCL), Pfizer (NYSE:PFE), Cisco (NASDAQ:CSCO) and Apple (NASDAQ:AAPL) reportedly number among a group of industry giants attempting to sway politicians for a tax holiday.

The debate centers around money the companies want to bring home from foreign markets, which would take a huge 35 percent tax hit if they decide to do it.

Taking into account these and other companies, the overall total is said to be around $1 trillion which is lodged overseas, according to Fortune.

What the companies are specifically asking for is a one-year tax holiday, or amnesty on earnings from international markets. They are asking for a tax rate close to 5 percent rather than the outrageous 35 percent the government soaks them for at this time.

Kristin Forbes, an economics professor at MIT's Sloan School of Management, liked the idea, saying, "A tax holiday would bring a substantial amount of cash back to the United States and paying that out to shareholders is good for the economy. But if you're a politician claiming this will create a lot of jobs or new investment, it isn't supported by the data."

That's far better than giving it to the increasingly wasteful U.S. government which continues to spend far beyond its means.

It also must be kept in mind that many pensions and other retirement plans would benefit from a tax holiday, assuming a lot of it is given back to shareholders, which include institutional investors representing millions of working Americans.