Trump Promised $4 Trillion In Offshore Cash Would Return After Tax Cuts. It Hasn’t Happened.

President Donald Trump made a lot of promises when he pushed through tax cuts this year. More and more of those promises are not materializing.

Bloomberg reports:

“The amount of offshore cash U.S. corporations have returned home so far this year is just a fraction of what President Donald Trump had promised.

A Morgan Stanley report released Thursday estimates companies brought back from $50 billion to $100 billion in the third quarter — which would bring the total repatriated back to the U.S. to as little as $514 billion, based on previously released figures for the first and second quarters from the Commerce Department. The tax overhaul signed into law by Trump in December gave companies incentives to bring money back to the U.S. by offering a one-time low tax on repatriated profits.

Even though companies are less restricted in moving their offshore profits under the U.S. tax overhaul, corporations, in aggregate, are choosing to keep earnings in their foreign subsidiaries, according to a team of Morgan Stanley analysts led by Todd Castagno.

Trump has said, without specifying his source, that he expects more than $4 trillion to return to the U.S., which will help to create jobs and more investment.”

For the rest of the story, visit Bloomberg here.

Subscribe to the Nations largest union directory and blog site!


By submitting this form, you are consenting to receive marketing emails from: Senders Communications Group, 21201 Victory Blvd. #235, Canoga Park, CA, 91303, http://www.sendersgroup.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Featured Posts:

Civil Rights Pioneer Reverend James Lawson Jr. Receives UCLA’s Highest Honor

The man who Martin Luther King once praised as the “leading theorist and strategist for non-violence in the world" has ...
Read More

Ethical Chef: Latkes for Hanukkah, 2018 edition

Hanukkah, like Christmas, comes but once a year. But unlike the other holiday, Hanukkah continues for eight whole nights. From ...
Read More
The Westin

Leave a Reply