Tax Laws Will Set Capital Free
CEOs at KeyBanc Capital Markets’ Industrials & Basic Materials Conference believe the new tax laws will positively affect the U.S. economy long term.
Among them was David Burritt, CEO of U.S. Steel, who says the new tax laws encourage companies with significant business interests outside the country to return money to the U.S. to invest, even if it’s stock buybacks or dividends.
“It levels the playing field,” Burritt says. “It’s this notion that we’ve had countries kick sand in our face for generations, and now we finally have a tougher administration that can look people in the eye and say, ‘If you’re going to cross this line, it’s going to be problematic.’ We’re going to make big headway, and tax reform’s a good start. Hopefully, bureaucracy, trade and infrastructure investment are addressed next.”