TIL Desk/World/Washington/ President Donald Trump has said that he would bring in a new tax regime in the US that will induce American businesses to bring back trillions of dollars stacked abroad.
“We must bring back trillions of dollars in wealth that’s parked overseas, and just can’t come back. Our tax system penalises companies that bring wealth they have earned overseas back to America,” he said while addressing an audience in the US state of North Dakota yesterday.
He said due to the current tax system “corporations have parked trillions of dollars in foreign countries, money that could be and should be brought back into the United States, where it can be invested in American companies and American jobs”.
Trump said his tax plan will give these companies a chance to bring back the funds from abroad, and spend it in cities and towns all across the country. “The numbers we’re talking about are probably between USD 3.5 trillion and USD 5 trillion that cannot come back into our (country),” he said.
“We’re going to be switching from a worldwide tax system that encourages companies to keep their funds offshore, to a territorial system that encourages companies to bring their profits back home to America, where that money belongs,” he said.
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