TRUMP EFFECT: Canadian Business May Look To Move To USA Following Landmark Tax Bill
Since the Senate approved Trump’s tax bill 51-48 in a midnight showdown, we have already seen major economic wins in this country:
GOP lawmakers have been celebrating the historic bill since it was passed on Wednesday, and now other countries are taking note. Senator Johnny Isakson made an astute observation that many may not have considered before: the very real possibility that with these new incentives, business may be looking to migrate from Canada to the USA in the near future. Via National Post:
“We’re not gonna have any more pharmaceutical companies buying donut-makers in Canada and move their headquarters to get a lower tax rate,” said Sen. Johnny Isakson, in a slightly bungled reference to Burger King buying Tim Hortons and relocating north.
“We’re gonna have a lot more companies thinking about becoming donut-makers and doing it right here in the United States … It’s an incentive to stay in America if you’re located there, and come to America if you’re not.”
That’s one of the many goals of the bill that passed the Senate after Isakson spoke, then on Wednesday passed the House of Representatives, followed by a celebration at the White House where Donald Trump toasted his first major legislative accomplishment.