I read the Daily Herald and The Wall Street Journal Thursday, Jan. 18, and there was an article in each about Apple paying a whopping $38 billion tax bill for overseas profits that they are bringing back to the U.S. This is thanks to the new tax bill that was passed by Republicans in December, which reduced the cost of "repatriating" these profits at a onetime 15.5 percent rate instead of the 35 percent rate of the past. All of that tax revenue that was locked out overseas is coming into the U.S. Treasury because of the new tax bill.
Peter Roskam voted for this bill. Not one Democrat voted for this bill.
Apple also announced that they will be creating 20,000 new jobs and investing $350 billion here in the U.S. in the near future, and they aren't the only ones investing and creating new jobs. Many companies are hiring, giving bonuses, and raising wages thanks to the new tax bill.
That's not all the good news, Starting in February, the new IRS tax withholding tables go into effect, which means if you work and get a paycheck, the majority of us will be bringing home more money thanks to the new tax bill,
So, this year please take a good look at your paycheck and the booming economy and remember.