(CNBC) Technology companies will thrive from the hundreds of billions in cash parked outside the country coming into the U.S. this year, according to one Wall Street firm.
"With the Trump administration and Beltway imposing a 15.5% tax on [repatriated] cash earnings vs. the previous 35% tax rate we expect a surge of overseas cash to come back into the US with large cap tech being the clear beneficiary for 2018 and beyond," Daniel Ives, GBH Insights' head of technology research, wrote in a note to clients Thursday.
Ives estimates large U.S. technology firms have $550 billion to $600 billion parked overseas. He predicts the companies will repatriate $300 billion to $400 billion in 2018, with Apple representing $200 billion of that amount.
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