President Trump has fulfilled a 2016 campaign promise in creating policies that bring overseas funds back to the United States.
American companies have brought back $1 trillion back to the U.S. since the passage of President Trump’s 2017 tax cuts.
Per Bloomberg News:
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.