Bill > S1837

This bill, known as the Rebuilding America Act, aims to incentivize U.S. corporations to bring their profits earned overseas back into the United States for investment. Currently, these foreign earnings are subject to a high tax rate, which discourages companies from reinvesting them domestically. The bill proposes to permanently reduce the tax rate on these repatriated earnings from the current rate to a significantly lower 5%, making it more attractive for companies to invest these funds in the U.S. economy, thereby potentially boosting economic recovery and job growth. The bill also makes technical changes to existing tax law, specifically to section 965 of the Internal Revenue Code, to implement these changes and ensure they apply to both current and accumulated foreign earnings.