Trump claims that tax cuts can promote employment but some corporate giants have

US President Trump is selling tax reform to the American people, promising to bring additional revenue to the business so that it can expand its business and create jobs. But some of the largest companies have another plan.

Information picture: August 2011, the New York Stock Exchange in front of the Wall Street signs. REUTERS / Lucas Jackson
In a recent conference call with investors and analysts, some US companies said they would use the revenue generated by the tax reform to repurchase shares, pay off their debts and take other shareholder-friendly initiatives.

The Trump government hopes to cut the US corporate income tax rate from 35% to 20%, to encourage multinational companies to remit overseas profits back to the United States. Trump promised that his tax reform plan would inspire companies to build factories in the United States, rather than build factories overseas.