Data Point - It looks like the New Normal tax/regulation regime is starting to work - Granite Grok

Data Point – It looks like the New Normal tax/regulation regime is starting to work

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.
primary-income-chart

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.

Obama and his sycophants in the Administration, media, and economists said that we all had to get used to the “New Normal” of 2% GDP growth, stagnant wages, and a high usage of the Welfare State. Trump via the Tax Reform Act and his cutting of enormous (and expensive) regulations have changed that environment, bigley.

Obama said to get used to it – those jobs are never coming back.  $300 billion is a ton of money and I’m sure that a good chunk of that is going to go into jobs.  There is talk now (by the Federal Reserve Bank), too, that the quarter’s GDP may hit 4%, maybe even 4.5%.  That would be crushing it!

(H/T: Fox News)

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