Back in October, you may recall, Chicago-based company Warranty Group Capital announced that it would be acquired by Assurant, which would in turn move its operations to Bermuda. It was yet another example of American businesses packing up and moving overseas due to our broken tax code.
But today, just weeks after enactment of the Tax Cuts and Jobs Act, Assurant reversed course and agreed to remain a U.S. company. "This change follows recently enacted U.S. tax legislation," their release notes. indeed, this decision is a direct result of our new, pro-growth tax code, which eliminated incentives for Assurant to invert.
This is a big deal. Real hardworking Americans will keep their jobs. Families won’t have to worry about whether they can still make that next mortgage payment. And profits will stay right here in the United States.
In the wake of President Trump signing tax reform, we’ve seen countless businesses reward their employees with bonuses, raises, increased 401(k)s, and other benefits. And the news today is further evidence of why the Tax Cuts and Jobs Act is so important: More American businesses will stay in America, and more American jobs will remain American jobs.