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 Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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