With President Trump's tax reform bill now signed into law, some major U.S. corporations may now be prompted to bring back their cash from abroad. Raw Story Staff Writer Elizabeth Preza and CRTV Congressional Correspondent Nate Madden explain how people and businesses are reacting to the new tax policy.
"You're going to see an influx of some companies bringing assets back," says Madden. "They've gotten a one-time break on this, so they can move it without taking a tax hit." Corporations bringing more investments to the United States aligns with President Trump and the GOP's message on jobs says Madden.
Preza says it's important to look at the impact on jobs through previous corporate tax cuts like the one in 2004 enacted by the Bush administration. "The Congressional Research Service found that, instead of using money to invest back into the company, [corporations] really paid out shareholders and gave it back to themselves," says Preza.
The court’s ruling applies to higher education institutions and other entities that receive federal funding and doesn’t directly change private employer obligations, but business leaders might pull back diversity, equity and inclusion programs to avoid lawsuits.
The IRS is showcasing its new capability to aggressively audit high-income tax dodgers as it makes the case for sustained funding and tries to avert budget cuts sought by Republicans who want to gut the agency.
A First Amendment group sued Texas Governor Greg Abbott and others on Thursday over the state’s TikTok ban on official devices, arguing the prohibition – which extends to public universities – is unconstitutional and impedes academic freedom.
