US companies repatriate over half a trillion dollars in 2018, but pace slows

WASHINGTON DC: US companies have sent home over half a trillion dollars of cash they held overseas in 2018 to take advantage of tax changes, but data suggest the pace is slowing, potentially removing a key source of support for Wall Street.

The repatriation bonanza followed new regulations that allowed the US government to tax profits accumulated overseas, regardless of where the money was held. Prior rules allowed companies to “defer” US tax on worldwide profits unless they repatriated the money.