07/12/18

Trump’s Tax Promise of Trillions Back to U.S. Fails to Materialize

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, reports Bloomberg

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