Economics
Trump Promised to Bring Back $4 Trillion in Offshore Cash. He Missed by $3.3 Trillion
- Trump said as much as $4 trillion would be invested in U.S.
- Corporations hesitant to bring all their offshore cash back
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Corporate America brought $664.9 billion of offshore profits back to the U.S. last year, falling short of the $4 trillion President Donald Trump said would return as a result of the 2017 tax overhaul.
Companies repatriated $85.9 billion in the fourth quarter of 2018, the lowest sum for the year and down from $100.7 billion the previous quarter, Commerce Department data showed Wednesday. Corporations brought back $579 billion in the first three quarters of 2018, upwardly revised from $571.3 billion in the prior report.