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.
Palestinians in the sealed-off Gaza Strip are scrambling to find safety, as Israeli strikes demolish entire neighborhoods, hospitals run low on supplies and a power blackout is expected within hours.
The U.S. has already begun delivering critically needed munitions and military equipment to Israel, and the State Department now says that at least 11 American citizens have been killed in the weekend Hamas attacks on Israel.
California Gov. Gavin Newsom rejected a bill on Sunday that would have made free condoms available to all public high school students, arguing it was too expensive for a state with a budget deficit of more than $30 billion.
