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The BEA notes the main driver of the repatriation surge is that companies are no longer taxed on foreign earnings when returning the funds to the U.S. “We fixed that really, really stupid thing” said Hassett. By comparison just $38 billion was repatriated during the same period a year ago.
Despite President Trump's tit-for-tat trade barbs, America’s CEOs are not wasting anytime in taking advantage of his tax reform plan. Over $300 billion was repatriated to the U.S. in the first quarter, according to the Bureau of Economic Analysis (BEA) -- the most on record. “U.S. firms that used to build their factories overseas in order to avoid U.S. taxes, they stopped in their tracks because of the tax bill, they are bringing all the money home,” said Kevin Hassett, chair of the president's Council of Economic Advisers, during an interview on FOX Business’ Varney & Co. in June.
The monies went from 38 million to 380 million. I would call this a victory for American Business and citizens.
The Commerce Department said a tax overhaul passed by Congress in December 2017, which offered a one-time repatriation tax on foreign earnings, led many companies to bring back cash parked abroad.
Companies paid out dividends and other withdrawals of $305.6 billion from foreign receipts, the department said, which far outstripped the amount of this cash which was reinvested domestically.
www.reuters.com...
originally posted by: 3NL1GHT3N3D1
a reply to: xuenchen
Then there are those who recognize that the rich are always looking to get richer. Less taxes means more money in THEIR pockets not ours.
originally posted by: 3NL1GHT3N3D1
Where do you honestly think that extra money is going? Into YOUR pocket or that offshore bank account those CEO's love to over-stuff with their exorbitant salaries? It seems that only big business is winning while the average worker's wage is remaining stagnant. That isn't Trump's fault, it's been happening since at least the 70's, but it doesn't seem like he is in much of a hurry to fix it either, just like every other president who came before him.
Beholden to big banks and businesses, just like any other president before. He's got a nice "outsider" vibe around him though, thanks to the media. Good cover for him.
originally posted by: 3NL1GHT3N3D1
a reply to: xuenchen
Then there are those who recognize that the rich are always looking to get richer. Less taxes means more money in THEIR pockets not ours.