Gary Cohn: Eyeing U.S. Billions Overseas
The Trump administration is vowing to bring billions of foreign profits back into the U.S.
"We've talked to many of the large corporations and businesses that have money trapped overseas. They've all made pledges to us to bring money back," said the director of the White House National Economic Council Gary Cohn in an interview with the FOX Business Network's Maria Bartiromo. "We have talked to them [about] where it gets tough for them to bring it back on rate. We are continuously having those dialogues."
President Trump's team announced a sweeping reform to the current U.S. tax code on Tuesday, but did not break down how it would conquer repatriation. Despite this, Cohn says the administration will top out on the rate.
"If its 10%, if it's 8%, if its 12%-- we want that money back. That money will be highly stimulative coming back into the United States. We know the history, if the money doesn't come back into the United States it gets invested overseas," he said.
Earlier this month President Trump told Bartiromo there could be up to $5 trillion trapped overseas, in Cohn's opinion, those profits could be used boost U.S. businesses and fuel hiring.
“People will build manufacturing facilities. When they build manufacturing facilities… those will be great paying jobs for American workers," he said.
U.S. CEOs have long complained the corporate tax rate, at 35%, is why companies are reluctant to bring funds back to America.