A record-high amount of money has been repatriated back into the United States since President Donald Trump unveiled the Tax Cuts and Jobs Act.
In the first quarter of 2018, more than $300 billion went back into the country, according to the latest data from the Bureau of Economic Analysis (BEA).
“In the first quarter of 2018, direct investment earnings were $130.6 billion, reflecting dividends and withdrawals of $305.6 billion and reinvested earnings of -$175.0 billion,” the bureau stated in its latest release.
The massive amount follows other positive economic news in areas such as wage increases, hiring increases, and capital investments.
“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,” Kevin Hassett, chair of the president’s Council of Economic Advisers, told Fox Business on June 26.
According to the BEA, the main driver of the repatriation surge has been that companies are no longer taxed on foreign profits when returning the funds to the United States.
“We fixed that really, really stupid thing,” said Hassett.
The names and exact amounts from each corporation that repatriated revenues were not mentioned by the BEA. But according to Fox Business, the record-high numbers reflect that CEOs are likely fulfilling their pledges to bring more money earned overseas back to the United States after the tax plan was signed by Trump in December 2017.
Americans are also happy with the positive economic news. According to a June 25 CNBC poll, 54 percent of Americans said that the economy is good or excellent. The percentage is the highest ever recorded by CNBC since the 10-year history of the survey began.
Only 43 percent said that the economy is fair or poor, also marking the lowest number ever recorded in the survey’s history.
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