The enactment of the 2017 Tax Cuts and Jobs Act that went into effect Jan. 1 is bound to kindle a renaissance of the U.S. manufacturing base.

Under the act, the corporate tax rate has been lowered to 21 percent from 35 percent. One-time repatriation of profits earned by multinational U.S. companies by their overseas subsidiaries is taxed at 13.5 percent for cash and 8 percent on other assets.

U.S. multinational corporations had accumulated nearly $2.6 trillion offshore as of the end of 2017, much of it in tax-haven countries. The act encourages companies to bring money back to the U.S. at these lower rates.

Many U.S. companies have already committed to significant repatriation amounts. Apple has $252 billion in cash alone on its balance sheet stashed overseas, and it pledged to pay $38 billion in tax on repatriated income over the next eight years. Other big businesses like Microsoft, Alphabet, Cisco and Oracle have a significant chunk of their profit in cash parked overseas.

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