Tadd Fowler, treasurer and senior vice president for global taxes at Procter & Gamble, ticked off the impact of the TCJA on the multinational consumer goods manufacturer at a recent Tax Foundation event. Some 44% of the company’s sales are now in the US, compared with 39% prior to the act, thanks to increased domestic investment that led to greater demand for its products. Procter & Gamble has made close to $6 billion in new manufacturing investments in the US and added more than 4,000 new jobs since the law’s passage. It also repatriates nearly $7 billion a year, up from about $1 billion annually in the years immediately preceding the TCJA.
