Corporate tax cuts in the US encouraged local business and attracted foreign investors. The US economy has always been considered promising and the new tax laws offer even more prospects. Energy giant ExxonMobil announced its plans to put in $50 billion in the country’s economy.
ExxonMobil CEO Darren Woods revealed this decision. In the next 5 years, Exxon will invest $50 billion, Woods posted on his blog on the company’s website. He pointed out that it was the tax reform that became the key argument in planning spending. US President Donald Trump fulfilled one of his major pre-election promises and signed the long-awaited tax reform. Now the corporate tax is reduced to 21 percent from 35 percent, which immediately covered capital project spending for American companies.
“The recent changes to the US corporate tax rate coupled with smarter regulation create an environment for future capital investments,” Woods said, adding Exxon is reviewing “the impact of the lower tax rate on the economics of several other projects currently in the planning stages.”
