The left-leaning Institute on Taxation and Economic Policy notes that the lower one-time rate would amount to a corporate tax break worth $454 billion in the Senate bill and $458 billion in the House version.
No sector would benefit more than tech companies. Collectively, they held $669 billion outside the U.S. at the end of 2016, according to Moody’s Investors Service. Most of the industry’s overseas cash has been accumulated by five companies: Apple, Microsoft, Cisco Systems, Alphabet and Oracle. Read more