by DeEtte L. Loeffler, J.D., LL.M., Taxation
In 2016, Congress appeared to be agreement over imposing a one-time tax on offshore corporate profits which are brought back to the US (i.e., “repatriated”). They could not, however, agree on how to spend the tax funds once received. In 2017, with a single party in control of Congress and the White House, agreement appears more likely. President-elect Trump has proposed a one-time 10% tax on cash and a 4% tax on other earnings. Whether this tax will take the form of a “deemed repatriation”, a transition tax (to force funding of infrastructure) or a tax holiday is currently unclear.