Earlier today on Varney & Co., Andy weighed in on the tax bill and the positive impacts its repatriation provision will have on the American economy. With hundreds of billions of dollars returning from overseas, companies will infuse money back into the U.S. economy and more businesses will also reinvest in themselves, especially because of the bill’s attractive tax advantages. For example, if a company invests in new plant and equipment, it can deduct those costs in the year the investments are made – this is a huge benefit and it is in place for five years.
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Andy also foresees companies using repatriated money to pay down debt, which strengthens businesses and boosts the stock market. Business investment is what drives GDP growth; it is this growth that will directly benefit working and middle-class Americans.
The segment concluded with Andy commenting on FedEx Corporation’s commitment to hire more people and expand their business should there be tax cuts/tax reform. Andy agrees that FedEx is doing exactly what President Trump wants American businesses to do. It is business investment that will drive economic growth and it is economic growth that spreads prosperity. As President John F. Kennedy famously said, economic growth is the “rising tide” that lifts all boats.
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