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 GOP bets that tax bill will unlock corporate cash overseas

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PostSubject: GOP bets that tax bill will unlock corporate cash overseas   Sat Nov 25, 2017 6:09 pm

Republicans and major technology firms who support a tax overhaul have touted reforms that they say will bring offshore profits back into the country, boosting U.S. tax revenue and benefiting the economy.



But critics are skeptical of those claims, doubting that both the House and Senate versions of the tax bill give companies like Apple the incentive to bring money into the U.S. over the long term.

One of the central pieces of the Republican plan is a one-time lower rate on foreign income repatriated to the United States.

Under the House bill, foreign companies could pay a 7 percent rate on repatriated illiquid assets and a 14 rate on repatriated cash or assets that are easily convertible to cash, while the Senate rates would be 5 and 10 percent, respectively.

The repatriation would be paired with a dramatic cut in the corporate tax rate to 20 percent and a shift to a territorial tax system, two things corporations have long asked for.

http://thehill.com/policy/technology/361612-gop-bets-that-tax-bill-will-unlock-corporate-cash-overseas

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