Bongino.com:
For decades before President Donald Trump’s tax plan took effect, U.S. corporations with foreign subsidiaries had no (sane economic) choice but to keep their overseas profits abroad. After all, they’d face double taxation if they wanted to bring them home. Their profits were already taxed by the foreign country they’re operating in, and then to repatriate those funds would’ve required them to pay the U.S. corporate tax rate, which was then among the highest in the world. By year end 2017, right before Trump signed his Tax Cuts and Jobs Act (TCJA), upwards of $2.5 trillion in cash was parked overseas.
The TCJA reduced the corporate tax rate from 35% to 21%, but offered extra incentives to repatriate cash. After all, we’d rather have that money in America for economic reasons regardless of how much the government can get their hands on. The Trump tax law allowed corporations to repatriate cash at a discounted 15.5% tax rate, and a reduced 8% rate to repatriate other assets that are non-cash or illiquid. MORE
Nope!
Still not tired of WINNING!
You’re going to need a lot more than that. AOCs’ Green New Deal costs how much? Bernies free education costs how much? Elizabeth Warrens free everything costs how much? The demorats reparations cost how much? Free healthcare for illegals costs how much?
I’m waving that magic wand Boss… I’m waving that wand.
So saith Bathhouse Barry.
Good thing he’s a LOUSY businessman, as BloomingIDIOTberg asserts in his TV ads. 🙄
I guess we’d all be wading around hip deep in cash, if Trump had GOOD business sense! 😆
Repatriation of AMERICAN Profits back to the US due to a more reasonable tax system. EXACTLY WHAT DONALD TRUMP PROMISED!
That is why 1 month BEFORE he was elected & Transferred a significant amount from Canadian Stocks to US Stocks despite what EXPERTS told me.
The US has held up everyone else for WAY TOO LONG.
“You’re going to need a lot more than that. AOCs’ Green New Deal costs how much? Bernies free education costs how much? Elizabeth Warrens free everything costs how much? The demorats reparations cost how much? Free healthcare for illegals costs how much?”
Just a matter of time. DJT taught the Left an unforgettable lesson. They will go balls out to bankrupt us into oblivion when they next get power, after they cauterize the internet.
A good part of the country doesnt deserve it.
If U.S. companies keep their profits overseas, guess where they plow those profits? Riiiight; back into offshore factories and hiring. Makes total sense. You don’t need a degree in economics or finance to understand that. So why couldn’t oblowme, with his degree in Community Activism Studies, figure that one out?