McCarthy: GOP Tax Plan Will Bring Back Overseas Funds

By NTK Staff | 11.02.2017 @12:26pm

House Majority Leader Kevin McCarthy (R-CA) announced that the GOP tax plan would help repatriate foreign funds at an event announcing the bill on Thursday. “We’re going to bring the money that’s sitting overseas back to invest in American businesses,” McCarthy told the gathering. “Even before this bill goes into effect, I believe you’re going […]

House Majority Leader Kevin McCarthy (R-CA) announced that the GOP tax plan would help repatriate foreign funds at an event announcing the bill on Thursday.

“We’re going to bring the money that’s sitting overseas back to invest in American businesses,” McCarthy told the gathering.

“Even before this bill goes into effect, I believe you’re going to hear from businesses saying they want to come back to America,” he added.

President Trump had promised during the campaign to reform the tax code in a way that would bring back funds that had been parked overseas in order to avoid high U.S. taxes. The return of the funds could create jobs and enhance economic growth in the country, putting America first.

McCarthy also touted the doubling of the standard deduction, which would allow Americans to keep more of their income.

Sign Up

for NTK updates every week.