The Amount Of Money Trump Tax Cuts Brought Back To The U.S. Will Blow Your Mind

(Tea Party PAC) – While folks on the left are doing nothing but attacking President Trump over every little thing he says, those same individuals are ignoring the positive things he does. Say what you will about the president’s gruff manner in handling personal conflict, but his economic policies have been on point during his time in office.

Just how on point? Well, according to the Commerce Department, Trump’s tax cuts have brought trillions — that’s trillions with a “t” — back to the U.S. economy, which as you might imagine, has gone a long, long way toward the recovery of prosperity that Americans have desperately needed after the horror show that was the Obama administration.

Here’s Breitbart with more details:

American companies have brought $1 trillion back to the United States since the passage of President Donald Trump’s tax cuts in 2017, according to new U.S. Department of Commerce data.

Bloomberg News reported the repatriation figure since the Tax Cuts and Jobs Act of 2017 took effect last year, though noting that it was short of the $4 trillion that Trump had initially promised:

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.

As the Tax Foundation has noted, the tax on past overseas profits is payable over eight years, whether or not the funds are repatriated. Going forward, companies will only be taxed on earnings in the U.S.

The repatriation rate is somewhat slower than initially expected, the Wall Street Journal reported last year, because the U.S. tax rate is only one factor in companies’ decision to keep profits abroad:

Some companies, such as Chevron Corp. and Archer Daniels MidlandCo., have long plowed foreign profits into foreign factories, equipment and other assets that aren’t likely to move. Other companies said they need funds overseas for acquisitions, debt retirement and expansion in growing markets. Moreover, foreign regulators require banks and other financial companies to maintain substantial capital reserves abroad. Those corporations don’t plan to bring much cash home.

Even without the federal government taxing new foreign income as it comes home, costs remain to moving cash across borders. Some U.S. states tax repatriated profits, and some countries impose taxes on dividends paid to parent companies.

President Barack Obama had long decried the practice of companies shifting profits abroad, though he and his party proposed to add taxes and penalties to “unpatriotic” companies, rather than changing taxes and regulations to create new incentives to invest at home.

The Department of Commerce Bureau of Economic Analysis report also noted that the current account deficit had narrowed by 0.9% in the third quarter of 2019.

At the end of the day, a man’s character is about more than the things he says. It’s about the things he does. If it’s what we do that defines us, and that seems to be the case, then President Trump is a great national leader who has helped citizens of the greatest nation in the world regain some of their dignity and allowed them to become productive.

Trump has rolled back useless regulations and given businesses a bit of breathing room. Is it any wonder so many small companies are big fans of his?

This is why our country needs four more years of Trump. Let’s make it happen in 2020.

Source: breitbart.com/economy/2019/12/26/commerce-dept-companies-brought-1-trillion-back-to-u-s-under-trump-tax-cuts/

14 COMMENTS

  1. This money was stashed offshore by companies who shut their factories here and moved them and American jobs to foreign countries. That could not be brought back because it was money stolen from American work and hidden by shell companies. Some companies waited 35/40 years for the right tax deal. Trump gave it to them. The American worker never benefited. That money has not been reinvested in our economy but just used in stock buy backs or returned the investors. Therefore no 3% growth as promised and therefore the largest national debt ever but as usually hypocritical conservatives only mention the debt when a Democrat is President

    • Jim, your an idiot with a closed mind. Tax collection is not the problem. Spending is the problem. As long as there are closed minded idiots spouting trash like you there will be problems. We have more jobs than unemployed. What do you think happens when those assets come back to our country no matter where spent? Oh, I forgot big eared Mr. Potato head is responsible for this great economy. Not.

  2. I have liberal friends who are caught up in the bubble that President Trump is not “presidential” or they “don’t like HOW he speaks”and I have to really wonder how their priorities can be so screwed up.

    Imagine two men.

    The first man says good things but kills people, or we may even soften it and say he never does anything to help anyone.

    The second man speaks horribly but takes actions which benefits and helps people.

    Liberals would choose the first as the better man.

    Liberalism is truly a mental and moral disease.

  3. Trump’s tax cuts have been great for businesses, the stock market, and those that are already well off, but not do much for the rest of us. My biggest question though, is if the tax cuts have generated so much revenue, why has the deficit continued to increase. You’d think with all this revenue generated from the tax cuts we would have a surplus, not a deficit. Either we’re spending more or someone is blowing smoke up our butts. Either way there’s no reason for the deficit to be increasing.

    • You premise is factually wrong. Wages have risen most for the bottom end earners, 7% on average. Also, the tax cuts have increased employment and the job participation rate. This has generated record revenue to the treasury. The deficit is caused by the other side of the ledger; too much spending, to a large extent because Obama (remember sequestration) decimated our military which required a massive infusion of funds

    • While Trump’s turned the economy around and lowered taxes and increased businesses in the nation once more, the Democrats have increased the deficit because of their special interest programs, allowing big Pharma and health insurance companies gouge the people while making over $300 billion dollars annually, giving the congressional and senatorial lawmakers $12,000 yearly pay raises, and Democrats flying overseas on private jets for leisure, but don’t forget giving an organization $10 million dollars to study the mating habits of a bug. Of course we have to account for Trump increasing military pay, benefits and making different branches of the military larger, plus increasing much needed weapons, warships, planes, tanks, and the likes. However on each individual state level, taxes and expenses have skyrocketed with huge amounts of monetary waste by the states. California for example is the highest taxes in the nation, highest cost of living, highest housing prices, huge amounts of city and county taxes. The monies that they get are used unwisely and wasted. So those are some of the issues causing increasing deficits. Plus remember that the House Democrats just passed a $4 trillion dollar budget containing a massive amount of Democrats special interest projects and their favors to multiple organizations. Likewise, Social Security benefits for the elderly only increased by $10 dollars monthly while expenses increased triple to the benefits. Also minimum wage and taxable income are to blame because every time people get a pay raise, the taxes increase. It’s always been said the Democrats prefer high taxes, huge government, and a history of high unemployment and poverty. The huge numbers of homelessness and those individuals not employed speaks for itself. Check out the homeless rates of our large cities. No business for jobs equals poverty, high crime, and less money for those who work. Also the buying power of our dollar has dropped by over half of what it used to buy. We were able to purchase three times the amount of things we now have in the early fifties and sixties. Now we struggle just to make enough money to pay for a place to live. Easy to see why the working class people aren’t benefiting from the economic gains.

    • One of the answers to why the deficit continues to increase is that the cost of the social welfare payments continues to increase. A second reason is that President Obama starved the military budget. He closed the F-22 production line at 130 aircraft making the cost per airplane very high since the research and development of this stealthy fighter aircraft was spread over a smaller buy of aircraft. They closed the C-17 production line making it impossible to build new aircraft when the ones that they built reach the end of their useful lifetime. I’m sure the Army and Navy have similar examples. The democrats were disarming our country and President Trump wants us to be the best in every category in order to save the lives of our soldiers and citizens.

    • There’s No Surplus Bcuz We Haven’t Reach Zero ( yet )…The Deficit Was Several $T$ ( most of which Obummer generated ) The House Just Passed a $T$ Bill ( more for the Wall etc. ) It Had to Come From Somewhere…No ?…The Demwits SPEND n SPEND n SPEND…Besides We’re ( USA ) Is Still Spending More On Imports ( how else did China had gotten so RICH over the past 20 yrs…I mean…EVERYTHING IS MADE IN CHINA thanks to our DemonRats Presidents ) Than Our Exports…In 2020…China Is Going to Pay, On Over 800 Products, On What Pres Trump Has Demanded on Tariffs and This Should Help Close the Gap !!! Hope this helped ?

  4. Great President. Great Commander-in-Chief. Great Fighter. Trust he will lower the National Debt in his next term. GO TRUMP/GOP 2020.

  5. Good News. It’s a shame most news organisations won’t cover this story about Trump. They are just to busy trying to help the Dems impeach him. They believe we should continue the past practice of gutting American manufacturing and sending all our money overseas. The Green New Deal would help continue that past practice. And they have the nerve to present themselves as some kind of folk heroes. Traitors are what they are. Vote them all out of office. The Democratic party is no longer the party of JFK.

  6. They’ll never give the man his just due no matter what he does!!! If he found a way to reverse the “earth’s warming” trend they’d find something to complain about.

    • If the left refuses to acknowledge the accomplishments of the President and steadfastly continues to undermine his Administration, then why bother trying to appease or otherwise satisfy them? The national interest would be much better served if he would TARGET them instead (crosshairs and all)!

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