Corporations brought US$100.2 billion of overseas profits back to the United States in the first quarter, marking $876.8 billion that has returned since Congress overhauled the international tax system and prodded companies to repatriate more.
The cash that has come back to the U.S. falls short of the $4 trillion President Donald Trump said would return as a result of the 2017 tax law. Investment banks and think tanks have estimated that U.S. corporations actually held $1.5 trillion to $2.5 trillion in offshore funds at the time the law was enacted.
While the pace at which companies are bringing back profits has slowed, the figure for the fourth quarter of last year was revised up, from $85.9 billion to $146.6 billion.
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