Broadcom Limited, which manufactures communications chips around the world, said it would relocate its legal address to Delaware once shareholders approve the move, bringing $20 billion in annual revenue back to the U.S.The Oval Office announcement was tied to the release of congressional Republicans’ tax reform proposal, which would drastically reduce corporate rates and regulations making it easier for companies to deduct foreign taxes.
The company credits the GOP plan with making it easier to do business in the U.S.
“America is once again the best place to lead a business with a global footprint,” Broadcom CEO Hock Tan said.
“I want to thank you very much for choosing us,” said President Trump, who based much of his campaign on the promise of bringing jobs back to the U.S.
“The proposed tax reform package would level the global playing field and allow us to compete worldwide from here in the United States,” Tan said in a statement. “Our move would domicile our $20 billion annual revenue in the United States. From our base here, each year we will invest $3 billion in research and engineering and $6 billion in manufacturing, resulting in more high-paying tech jobs.”