Removing Neumann is a difficult decision for Son, who has long believed in WeWork and Neumann's vision to quickly expand the company.Technologyread more
The Kingdom and oil and gas industry have been slow to shore up defenses, raising red flags about the possibility of longer term fall-out in the region.Technologyread more
Datadog went public on Thursday and instantly hit a $10 billion valuation, becoming the fourth cloud software debut to reach that level this year.Technologyread more
There are challenges with Iran, North Korea, the Afghan Taliban, Israel and the Palestinians — not to mention a number of trade pacts.Politicsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
In his new memoir, "The Ride of a Lifetime," Iger explains why he decided against the deal to buy Twitter.Technologyread more
In perhaps Buffett's first televised profile, he explained a method of investing that prioritizes bargains and makes use of an occasional baseball analogy.Marketsread more
Gluskin Sheff's David Rosenberg reinforces his recession forecast following the Federal Reserve's September meeting.Futures Nowread more
"This would be the most profound violation of the presidential oath of office certainly during this presidency," House Intelligence Chair Adam Schiff said.Politicsread more
A 58% majority of registered voters express unease about voting for Trump, but slightly more say the same about Joe Biden and Bernie Sanders, while Elizabeth Warren fares only...Politicsread more
The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
Trillions of dollars in U.S. corporate profits held abroad are more likely to finally come home with the latest developments out of Washington.
White House economic advisor Gary Cohn told the Financial Times that the tax reform plan will include a one-time low repatriation tax rate for corporate profits held overseas. He said the specific rate has not been decided. The White House has suggested a 10 percent repatriation rate in the past.
U.S. companies are holding $2.6 trillion of profits overseas to avoid paying the 35 percent corporate tax rate on earnings, according to Capital Economics.
That's why Wall Street strategists and analysts love the idea of a tax repatriation holiday, which will bring home a surge of cash to boost share prices and capital investment.
We believe "repatriated funds could provide companies with firepower for accelerated buybacks, dividend raises, organic investment and potential M&A," Goldman analyst Heather Bellini wrote earlier this year.
Strategas Research also sees several positive ramifications of corporate cash repatriation.
"The most efficient way to do that is to impose a one-time tax on the existing foreign profits overseas which will free up the cash for companies to use for dividends, share repurchases, M&A, capital expenditures, and to pay down debt," Strategas' Daniel Clifton wrote in a report last year.
These 10 companies have the largest amount of profits held overseas that will benefit from a repatriation holiday.
To be sure, the tax reform plan or even a tax cut is nowhere near a certainty. In the FT interview published Friday, Cohn said the administration does not have a "fixed or detailed plan for tax reform" and will leave it to the congressional committees to finalize the legislation.
Axios reported the tax plan is slated to come from the House Ways and Means Committee by the end of September.