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 Supreme Court is reinstating a regulation aimed at reining in the proliferation of ghost guns, firearms without serial numbers that have been turning up at crime scenes across the nation in increasing numbers.
Thousands of Los Angeles city employees, including sanitation workers, lifeguards and traffic officers, walked off the job Tuesday for a 24-hour strike alleging unfair labor practices.
A federal judge has temporarily banned Sacramento from clearing homeless encampments for at least 14 days, citing the extreme heat forecast this month in California's capital city.
