Administration Official States that Repatriation Tax Will Be in the 10% Range
Posted on Oct 3, 2017 in News
National Economic Council Director Gary Cohn stated on Sunday that the Trump administration has proposed taxing profits accumulated offshore in the “10 percent range.” The tax reform framework released on September 27 stated that there would be two rates for the repatriation tax, with cash taxed at a higher rate than illiquid assets, but did not specify an amount. Cohn did not indicate which rate the proposed 10 percent would apply to and emphasized that Congress would ultimately determine the precise rates.