Skip to comments.US tax reform promises big income boost for German carmakers
Posted on 12/23/2017 8:39:42 PM PST by Berlin_Freeper
German carmakers Daimler and BMW said Friday a new sweeping US tax reform giving major breaks to corporations will add hundreds of millions of euros to their 2017 earnings. The controversial tax overhaul signed into law Friday by billionaire President Donald Trump will slash the US corporate tax rate from 35 percent to 21 percent.
As a result, Daimler projected its net income to grow by around 1.7 billion euros ($2 billion) this year.
"The reduction of the federal corporate income tax rate... results in an income tax benefit increasing the net income of the group for the year 2017 by approximately 1.7 billion euros," the company announced in a statement.
BMW also said it expected the tax changes to have a "positive impact" on its 2017 net profit, boosting it by between 950 million and 1.55 billion euros.
(Excerpt) Read more at thelocal.de ...
The opposite is true.
And exactly how will this “make America great again”?
They both manufacture in the USA.
Competition will drive prices down.
Their Muslim over-lords in Germany may not like that though.
MB and BMW have big plants in the US. The bigger the profits, the more advantageous it is to make more cars in the US boosting jobs for American workers. MAGA.
yea well color me skeptical that these globalist corporations will use their tax break do do ANYTHING for the American worker, per usual if the last few decades have shown us. Pocket their extra money and keep giving jobs ot Asia and Mexico where it’s full steam ahead with the cheap labor express.
yea whatever. unless POTUS deals with the UNFAIR trade and these corporations who take their tax break and don’t add jobs to USA, then he’s gonna have hell to pay in the rust belt. Because talk of punishing corps who make over seas, and talk of bring back manufacturing instead of having corps make everything in Asia and Mexico was the ONLT thing that won POTUS states like WI, MI and PA.
Right you are...globalization has made it very confusing to “buy American” when BMW is made here and Ford is made in Mexico.
“when BMW is made here and Ford is made in Mexico.”
And Buick in Shanghai.
The idea is to make manufacturing in the US, the world’s biggest market, more attractive. It matters not where they come from abroad. The Chinese and Mexicans understand the concept very well. They are taking our businesses and our jobs. America can compete if we have the right tax policies, cheap energy, and nearby markets.
The Germans build cars here. They make profit here. It is taxed here. It will now be taxed less than it was before. They will now have more money. They will now have incentive to make more profit here. They will build more cars here. Thats how business works. US tax rates are now much lower than Germany’s but like you they are crying UNFAIR.
Don’t they mean 2018 vice 2017?
Couldnt we have a corporate tax cut just for American corporations?
I’ll be looking for that new 911 coupe under the tree tomorrow...
"BMW's factory in Spartanburg, S.C., is the brand's biggest plant in the world, and it will become even larger when a $1 billion expansion is completed this year, bringing annual capacity to 450,000 vehicles."
okay good! I stand corrected.
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