One of the positive impacts from tax reform is businesses coming back to America, meaning more jobs and more opportunities for working families. Yesterday brought yet another story showing how the Tax Cuts and Jobs Act is restoring the confidence of U.S. companies and bringing them home.
Back in November, communications chip manufacturing company Broadcom announced it would be relocating to the United States, thanks to a more attractive business climate brought by tax reform. This week, that promise became reality.
In the company’s announcement, President and CEO Hock Tan noted, “We believe that America is once again the best place for Broadcom to do business.”
In addition to its decision to move from Singapore to the United States, the company has committed to invest $3 billion annually in research and engineering and $6 billion annually in manufacturing.
Broadcom is just the latest example. With the passage of the Tax Cuts and Jobs Act, companies once again feel encouraged to do business and make investments within our borders. In January, Assurant announced it would not be moving its operations overseas, and a recent article highlighted a shift in capital investment from Canada to the United States.
In his remarks this week at Southwest Airlines, Speaker Ryan talked about how creating an environment where businesses can compete was central to the tax cuts bill. He said: “What we also saw are U.S. companies put in a huge competitive disadvantage with other businesses, sectors, and other countries. We wanted to fix that to put a strong foundation on the U.S. economy.”
Once again, the new tax law is delivering on its promise.