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Cisco to Repatriate $67 Billion Under New Tax Law (apple 250+ billion)

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bobgeese

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From nyt

Cisco Systems has unveiled a plan to bring $67 billion that it holds overseas back to the United States this year by taking advantage of the recent rewrite of the tax code.
The repatriation is planned for the company’s third fiscal quarter, Cisco said on Wednesday while reporting its second-quarter earnings.
Other companies have presented similar plans to repatriate foreign cash holdings. In January, Apple announced plans to bring the vast majority of its $252 billion in cash held abroad back to the United States, paying a tax of $38 billion.
In its earnings statement, Cisco reported its first rise in quarterly revenue in more than two years and forecast that profit in the current quarter would exceed the estimate by analysts. It said its yearslong efforts to transform from a network gear maker into a software-focused company were beginning to pay off.

http://archive.is/R3hgc


....

More positive results from the tax reform. More good news for America.
 
bobgeese said:
From nyt

Cisco Systems has unveiled a plan to bring $67 billion that it holds overseas back to the United States this year by taking advantage of the recent rewrite of the tax code.
The repatriation is planned for the company’s third fiscal quarter, Cisco said on Wednesday while reporting its second-quarter earnings.
Other companies have presented similar plans to repatriate foreign cash holdings. In January, Apple announced plans to bring the vast majority of its $252 billion in cash held abroad back to the United States, paying a tax of $38 billion.
In its earnings statement, Cisco reported its first rise in quarterly revenue in more than two years and forecast that profit in the current quarter would exceed the estimate by analysts. It said its yearslong efforts to transform from a network gear maker into a software-focused company were beginning to pay off.

http://archive.is/R3hgc


....

More positive results from the tax reform. More good news for America.
Click to expand...
Oh yeah? Cisco using that money to raise wages, and hire more people, are they?
 
N4Tbjjz.gif


Damn, must still be getting royalties off that jam.
 
bobgeese said:
Homer, do you prefer these companies keep their money overseas, and don’t pay taxes on it?
Click to expand...

They are only bringing the money back because they save long term.
Under Trump's tax plan America losses mid-long term.

What would be needed is a reasonable Tax reform. Taxing companies and the rich appropriately.
 
method115 said:
I'm confused here do you not want Cisco bringing the money back to the US?
Click to expand...
I asking if it's actually good for America, or if it really matters? What are they going to use it for?

Also, companies are being allowed to repatriate that money at a preferred rate. It won't be taxed at the standard level. If they're not raising wages, or creating jobs, then who gives a shit? They'll probably use it for stock buybacks, like the bulk of the money saved from the tax breaks has already been used for.

If they use it to actually pay regular workers more, or to hire more people, then I'll applaud them. But, this looks like more bullshit corporate PR to me. Feel free to prove me wrong.
 
bobgeese said:
Well the money they pay in taxes will absolutely benefit our country. Sorry if that upsets you homer.
Click to expand...
This is exactly why you need to stop creating threads about anecdotal successes of the tax bill.

Of course allowing these companies to bring back money and taxing them is preferable to not taxing them. But overall the bill is creating deficits, so on the whole the bill is not good for the country and it's utterly ridiculous to celebrate collecting tax money on these guys while losing tax revenue on lots of other companies.
 
Well that was the point of the Transition Tax.

It should be noted that cutting the corporate tax rate were fairly bipartisan.

The Dems (and some Repubs) wanted it to be deficit neutral.

You lower the corporate rate and allow a one time repatriation at a lower rate and at the same time you increase taxes on individual passive income. That way companies will either reinvest their tax savings domestically or the Fed gets the tax revenue when the company issues dividends or stock.

And despite all of this great tax news for corporations the Dow dropped almost 3,000 points in January and still hasn't recovered (still down almost 2,000 points).
 
PolishHeadlock said:
Well that was the point of the Transition Tax.

It should be noted that cutting the corporate tax rate were fairly bipartisan.

The Dems (and some Repubs) wanted it to be deficit neutral.

You lower the corporate rate and allow a one time repatriation at a lower rate and at the same time you increase taxes on individual passive income. That way companies will either reinvest their tax savings domestically or the Fed gets the tax revenue when the company issues dividends or stock.

And despite all of this great tax news for corporations the Dow dropped almost 3,000 points in January and still hasn't recovered (still down almost 2,000 points).
Click to expand...


Ever heard of a correction?


We’re still up over 7k from Election Day.
 
This was tried before and it didn't work. More "trickle down" smoke and mirrors:

In 2004, Congress passed the Homeland Investment Act (HIA) of 2004 which allowed corporations to repatriate foreign-source income at a reduced tax rate of 5.25 percent during 2005 and 2006. Additionally, corporations could qualify for the foreign tax credit on top of the reduced rate, causing the effective rates on these foreign profits to be even lower. In response, corporations brought back roughly $312 billion of deferred income and avoided an estimated $3.3 billion in taxation due to the lower rates. While the repatriation tax holiday did succeed in bringing billions of dollars of offshore cash back to the United States, it is generally seen as a policy failure, for many reasons.

First, even though Congress intended all the repatriated money be used directly for job creation, capital investment, and other growth-producing expenditures, it has been found that an approximate “$1 increase in repatriations under the HIA spurred a $0.92 increase in payouts to shareholders,” which was explicitly not permitted. Additionally, between 2004 and 2007 the top 15 repatriating corporations cut 20,931 jobs in the United States.

https://taxfoundation.org/repatriation-tax-holiday-hangover/
 
Trump has added 2 trillion to the debt. The interest on the deficit alone is getting to the point were it may be unsustainable.
Trumps biggest failure other than being a cuck to the House of Saud is adding to the deficit.
 
kpt018 said:
This is exactly why you need to stop creating threads about anecdotal successes of the tax bill.

Of course allowing these companies to bring back money and taxing them is preferable to not taxing them. But overall the bill is creating deficits, so on the whole the bill is not good for the country and it's utterly ridiculous to celebrate collecting tax money on these guys while losing tax revenue on lots of other companies.
Click to expand...

Projected deficits.

Would u like to wager it actually does not?
 
Cisco has been trying to bring that money back for like 10 years now.
 
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