Donald Trump new tax regime to bring back trillions of dollars stacked abroad

Vastavam web: 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”.
“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.Asking people to support hi tax reforms, he said this is a “once-in-a-generation opportunity” and to rebuild the American economy.The president said the US business tax rate is the highest in the developed world, 60 percent higher than its foreign competitors.
Trump said that his government is going to reduce the tax rate on American businesses so they can keep the jobs in the country, which would create employment, higher wages and greater profits.The administration will no longer have to accept a tax code that lets special interests win at the expense of the middle class, he said.”We no longer have to accept a rigged system. You know all about rigged systems. We talked about that plenty times in the campaign. You think anything is so different? But we’re going to make a difference. We’re going to get that straightened out too,” he noted.