… the influx of money companies stashed overseas to protect them from high U.S. corporate tax rates. More than $300 billion returned to the U.S. from overseas accounts in the first quarter of 2018, which has undoubtedly helped to drive economic growth. But if your only news source is CNN, it’s likely that the benefits of this historic tax reform were…
The most recent estimates of the overseas stash is at about $2 Trillion. I suppose $300 billion is a start. But considering the Panama and Paradise Papers, I think we’re a long, long way towards bringing all that money home.
I think it’s also worth noting that a tax cut is not the same thing as a raise. During the last two years, wages remained relatively flat, while C-suite income got a really nice bump that most people missed in the news.