Trump’s tax cuts makes US more attractive to overseas companies, Bank of America CEO says

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  • “As you talk to CEOs outside of the United States, the United States seemingly becomes more attractive,” Bank of America CEO Brian Moynihan says.
  • The U.S. government approved a tax-code revamp last month that slashed the corporate tax rate to 21 percent from 35 percent.

The tax overhaul has made the United States a more attractive business destination to overseas companies, Bank of America CEO Brian Moynihan said Tuesday.

“What I don’t think people see that I’ve seen so far is not only the U.S. reaction, … but outside of the U.S., the view that the U.S. becomes a more attractive place to manufacture and drive to,” Moynihan told CNBC’s “Squawk Box” at the World Economic Forum in Davos, Switzerland. “I think that will help the U.S. economy.”

President Donald Trump signed the tax revamp last month that slashed the corporate tax rate to 21 percent from 35 percent. Wall Street largely anticipated the change, sending stocks to record highs in 2017.

“As you talk to CEOs outside of the United States, the United States seemingly becomes more attractive. We have a talented workforce,” Moynihan said. “We have tremendous energy resources. We have a rule of law around working and employment flexibility, and we have regulatory environment that’s swinging back in.”

Moynihan took over as Bank of America’s chief executive 2010. Bank of America shares have risen more than 100 percent during his tenure.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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