'American Money Flowing Back Into America': $300 Billion Repatriated In First Quarter

Chris Menahan
InformationLiberation
Jun. 27, 2018

It turns out people respond to economic incentives. Who knew?

From Fox Business:
Despite President Trump's tit-for-tat trade barbs, America’s CEOs are not wasting anytime in taking advantage of his tax reform plan. Over $300 billion was repatriated to the U.S. in the first quarter, according to the Bureau of Economic Analysis (BEA) -- the most on record.

“U.S. firms that used to build their factories overseas in order to avoid U.S. taxes, they stopped in their tracks because of the tax bill, they are bringing all the money home,” said Kevin Hassett, chair of the president's Council of Economic Advisers, during an interview on FOX Business’ Varney & Co. in June.
The BEA notes the main driver of the repatriation surge is that companies are no longer taxed on foreign earnings when returning the funds to the U.S. “We fixed that really, really stupid thing” said Hassett. By comparison just $38 billion was repatriated during the same period a year ago.

While the BEA keeps the names and sums of corporations repatriating confidential, the latest data appear to show CEOs are likely sticking to their pledge to bring more money earned overseas back to the U.S. promised shortly after the tax plan was signed by President Trump in late December 2017.
As a friendly reminder, Barack Obama on June 1, 2016 mocked the idea Trump had a "magic wand" which could help improve America's economy.

"When somebody says, like the person you just mentioned, that he's gonna bring all these jobs back, well, how exactly are you gonna do that? What are you gonna do? There's, uh, uh, uh, no answer to it," Obama said. "Trump just says, 'I'm gonna negotiate a better deal.' Well, how? How exactly are you gonna negotiate that? What magic wand does Trump have? And usually the answer is, he doesn't have an answer."



The "magic wand" is not instituting self-sabotaging policies to cripple your own producers in the name of "social justice" and "environmental protection."

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