TAXES/TRUMP AS PRESIDENT: “President Donald Trump added a new sweetener to his sales pitch for tax reform Wednesday [10-11-17], saying average Americans would benefit greatly if U.S. corporations bring money home from abroad under a special low tax rate.
That move, combined with lower corporate tax rates, would pump an additional $4,000 into the average annual income of American households, he said at a rally in Harrisburg, Pennsylvania…
Polling has shown that a cut in corporate taxes is unpopular, though there is strong support for a cut in small-business rates. So Republicans have been trying to make the case that lower corporate taxes will benefit all Americans.
Speaking to a crowd that included many truckers, Trump continued to sound that theme Wednesday…
He was referring to trillions of dollar that U.S. companies are keeping abroad to avoid the 35 percent corporate tax rate. The tax reform ‘framework’ recently released by the White House and Republican leaders in Congress would reduce that to 20 percent; offer companies an unspecified one-time, lower tax rate if they repatriate their profits; and exempt their foreign earnings from U.S. taxation.
The Joint Committee on Taxation, a congressional economic policy committee, estimates that nearly $3 trillion in corporate assets, some of which may include tangible items that can’t be brought back to the U.S., may be kept overseas to avoid taxation by the U.S. government.”
-Colin Wilhelm, “Trump: Middle class will benefit if corporate cash returned from abroad,” Politico, Oct. 11, 2017 08:22pm