American money flowing back into America
By Suzanne O’Halloran
June 26, 2018
America’s CEOs are not wasting anytime in taking advantage of [President Trump’s] 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 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. While the BEA keeps the names and sums of corporations repatriating confidential, the latest data appear to show CEOs are likely sticking to their pledge to bring more money earned overseas back to the U.S. promised shortly after the tax plan was signed by President Trump in late December 2017.
While it is not crystal clear how the lion’s share of funds returning to the U.S. will be used, pro-growth economists hope it will be used for hiring, boosting wages and other moves that will benefit the American worker and eventually trickle down to the broader economy. This is why many economists are boosting their GDP forecasts to between 3% and 4%.
Shared from Whitehouse.gov
$4.4 Trillion dollars of US corporate untaxed funds have been left off shore to avoid US taxes for decades. American companies never paid tax on their foreign “earnings” subject to foreign taxation. The investment in the US by repatriating US dollars is happening at a massive loss to Americans of some $500 billion in unpaid tax. Sure, let’s bite our noses off to spite our faces.
These are taxes that would have never been collected. At least the capital is flowing back to the US. Would you have rather seen it never come here? Talk about biting (cutting?) one’s nose off….
It’s easy to mourn what happened in prior administrations instead of looking forward to positive changes under this administration; Sour Grapes. It’s easier, I suppose , to wallow in self- pity for the mistakes of others, rather than looking forward to a better economic future. Apparently you would rather the funds be left overseas. Not a Trump fan, I presume?
Target, Fie for effect, brother, Bob.
It’s “bush’s fault”does not cut it any more. What’s going on right now is all I am interested in,,,,,and brother I love it!
I agree. WE are now on the right track for the entire country including corrupt democrats.
The liberals in this country hate Trump and hate positive changes under this administration.
Repatriation of the money being held overseas was the right decision, and I believe that under President Trump’s leadership, the country is finally moving back in the right direction.
O yeh! Bite Mr. Trump!
First, wait for a second. Better recall 22 per cent interest rate and destroyed economy of the patented idiot Carter!
Or recall nowhere born Muslim grown Obama, openly beggin bows to the Saudi King and tripling nation deficit, and giving green light to the Iranian Nuke!
If a Patriot, praise God fo Mr. Tramp!!!
KOOK’S GREAT FOR OUR COUNTRY.AMEN