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Thursday, December 29, 2016

President Trump to bring home $2.6 Trillion to the USA

MARA.

Make America Rich Again.

Right now, American companies have trillions of dollars parked overseas rather than bring it home where more than a third of the money would be lost to taxes.

President Trump's plan to slash corporate taxes from 35 percent -- the highest in the world -- to 15 percent includes an amnesty that will allow the repatriation of profits overseas by paying a one-time tax of 10 percent.

Lifezette estimated that at least $2.6 trillion in money lies overseas.

According to Lifezette, the moolah parked overseas by companies includes:
GE $119 billion
Microsoft $92.9 billion
Pfizer $74 billion
Apple $69.7 billion
IBM $61.4 billion
Merck $60 billion
Johnson and Johnson $53.4 billion
Cisco Systems $52.7 billion
Exxon $51 billion
Google $47.4 billion
A billion here, a billion there, and pretty soon you are talking about real money. (By the way, Everett Dirksen never said that.)

Grover Norquist, president of Americans for Tax Reform, believes the repatriation tax rate will likely be lower than 10 percent when Trump works out the specifics with House Republicans.
"We want to bring the money back here," Norquist told LifeZette. "Under the present law, you're better off leaving it in Japan to build a factory. That's stupid policy."
The new money in the United States will mean companies will have an incentive to expand locally and that will ultimately mean more federal revenue, Norquist predicted.
"Under a territorial tax system there is no pressure for tax inversion, no advantage to selling to a Dutch company just to pay a lower rate, or having a Canadian company buy Burger King just to make the company more valuable," Norquist added.
Repatriating that money would be important in efforts to reduce the corporate tax rate because it would help ease the drop in short-term tax collections caused by the halving (actually a little more than that) of the corporate tax rate.

The more money companies have to invest in the United States, the greater America will be. 

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15 comments:

  1. The Socialist Democrats will fight this in Congress. They really don't want to create jobs unless they are Government Related Set Asides doled out to big Lib Donors.

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  2. The best argument for a lower corporate tax rate is the fact that corporations don't pay taxes. The people who purchase their products and services pay them. The corporations just keep the beans separated. That being said, they are more than welcome to use my bank account to repatriate their money. I've had similar transactions with several fine gentlemen from Nigeria. - Elric

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    1. But, but...corporations aren't people! They're just....things, evil things!! Isn't that what we all learned 4 years ago?!?!?
      -Fred

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    2. Hahaha! Good post, Fred. You didn't build that, though. At least according to Soetero...

      Delete
  3. Let's see...

    He hasn't done anything he said he would. He's a Trojan horse for the democratic party, or something. He's no real conservative 'cause, well, just 'cause we would know. He's no (Reagan, or fill in some name). And, and, there's that Russian thing with all the election interference--He didn't disavow Putin. Obama has been left to burn the place down with no real republican gatekeeper taking the helm.

    Puke enough?

    Contact: Russell@NRO.com

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  4. Really? Is Mr. Surber being trolled by NRO now? He's hit the big time! - Elric

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    Replies
    1. Gold, Elric. Pure gold. Yeah, we Surberites are the coolest kids in school right now. Not that we wanted to be...we just are.

      Delete
  5. And all that can be applied to the debt.

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  6. Shouldn't that be NROB? Not Really On the Ball.

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  7. "one-time tax of 10 percent"

    Companies would have an incentive to help keep conservatives in power, because they'd know a vindictive future DNC would have something to say about both "10 percent" and "one-time".

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  8. Cutting the corporate tax rate is a great idea.
    As, I imagine all on this site understand the end user, always pays the costs of doing business.
    Let's hope that if this plan is implemented and the tax rate is lowered, that Business doesn't look at the tax savings as gifted profit and in fact do pass it on to the consumer.
    In Canada, in the late eighties they came out with the Goods & Services Tax (GST @ 7%) which was supposed to replace the Manufacturers Tax.
    Well guess what? ...that didn't last long and the manufacturers tax soon moved from the red column to the black column, became part of the price and consumers ended up paying the GST on that as well.

    SC

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    Replies
    1. Good post. Let me throw this out: Investments in productivity reduce costs which either reduce prices or increase profits. Either way that helps me, Don Surber. Higher profits help my 401 k and improves the underwater state pension funds I am on the hook for.

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  9. Just think if we also get out of the UN and sell the building in NYC. America will be rich again.

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  10. The best tax rate for business is zero. As long as the money is reinvested to grow the business, no tax. Payed dividends are taxed. Buying back stock to inflate stock price is taxed. Salary is taxed. Capital gains from stock sale is taxed. Membership at exclusive clubs for execs is not an investment and is taxable. Money spent acquiring other business is taxed. That's not growth, that's rearranging.

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  11. Dem's bums burned; SJW snowflakes melted; All's right with the World!

    ReplyDelete