Repatriated corporate profits

Repatriation of capital is the return of capital from abroad to the country of its origin. To avoid paying taxes, and due to loopholes in our tax code, many American corporations do not deposit profits from overseas operations in U.S. banks. These loopholes include the no-tax rule on foreign profits if those profits remain overseas. Today, our largest corporations have about $3 trillion of foreign profits sitting offshore. These companies include Microsoft, Apple, Google, General Electric, Johnson & Johnson, Abbott Labs and many more. Many of these companies claim they would repatriate these earnings if this could be done without paying taxes, which would be subject a current tax rate of up to 35%.

Proposed Legislation: Introduction of legislation to repatriate corporate overseas profits which would be subject to a mandatory one-time 8.75% tax.
Prospective Sponsor: Rep. John Garamendi (CA)

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Poll Opening Date
March 13, 2023
Poll Closing Date
March 19, 2023

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