It has been a month since Congress passed and the president signed a comprehensive tax reform package.
It’s already having an impact.
Apple announced last week the company will repatriate $30 billion that was being held in accounts overseas.
Many analysts say businesses can expect a 7-8% increase in per-share profits.
“We’ve seen that with Home Depot. We’ve seen that with Walmart,” says Michael Smith of STA Wealth Management. He says people are already seeing bonuses and raises. “Maybe minimal or not, but $200 is still a lot of money to many people, $1,000 for those over ten years, that’s very meaningful. That can be put away for savings,” he tells KTRH News.
Amicus Therapeutics, a company that makes specialty drugs, has announced they’ll be spending upwards of $200 million on a new production facility built in the U.S. They had been planning on construction in Europe.
“Plants, property and equipment and expanding that creates long-term sustainable jobs. As a matter of fact Abbot Laboratories is adding to its research and development. That’s going to longer-term jobs, the kind we want in the United States,” Smith says.
Many companies, like Verizon, say they will take the money they’ll save from tax reform and use it to pay down their debt.