According to new data over $1 Trillion Dollars have been brought back to the US from overseas by corporations since 2017, when President Trump’s tax reform was enacted.
Corporations have brought back more than $1 trillion of overseas profits to the U.S. since Congress overhauled the international tax system and prodded companies to repatriate offshore funds, a report showed Thursday.
Even so, the total remains well short of the $4 trillion President Donald Trump said would return as a result of the 2017 tax law. The flow rose to $95.3 billion in the third quarter from a downwardly revised $70.4 billion in the previous three months, according to Commerce Department data, reaching a total of $1.04 trillion since the end of 2017.
Here is more:
Investment banks and think tanks have estimated that American corporations held $1.5 trillion to $2.5 trillion in offshore cash at the time the law was enacted. Before the overhaul, companies were incentivized to keep profits overseas because they owed a 35% tax when bringing it back and could defer payment by keeping funds offshore. The law set a one-time 15.5% tax rate on cash and 8% on non-cash or illiquid assets
The Mainstream Press is still attacking this claiming that it is another broken promise from President Trump but it seems that this might be slightly misleading. These numbers do say that we didn’t see $4 Trillion come back to the US. However, over time we will see this number continue to rise and maybe it will hit the $4 Trillion.
The Palmieri Report is a Pro-America News Outlet founded by Jacob Palmieri two years ago at the age of 19. Since its founding, it has gotten over 300k pages views and over 20k followers. The Palmieri Report is dedicated to debunking the lies spread by the left-wing Mainstream Media.