Jeffrey Cimmino of the Washington Free Beacon reports on the latest data linked to American businesses’ return of money earned overseas. One argument supporting the 2017 federal tax reform package was its likely impact on businesses with overseas holdings.

The Bureau of Economic Analysis (BEA) revealed that over $300 billion was repatriated to the United States through the first quarter of 2018, a new record.

Businesses appear to be taking advantage of tax reform – signed into law by President Donald Trump at the end of 2017 – by bringing money back to the U.S. rather than investing it overseas, Fox Business reports.

During the same period last year, only $38 billion was repatriated.

Kevin Hassett, chair of the president’s Council of Economic Advisors, said U.S. companies are investing more at home since Republican-passed tax reform was implemented.

“U.S. firms that used to build their factories overseas in order to avoid U.S. taxes, they stopped in their tracks because of the tax bill, they are bringing all the money home,” Hassett told Fox Business.

The BEA suggested repatriation increased because companies are no longer taxed on foreign earnings when moving money back to the U.S. Many economists hope the surge of repatriated funds will be used for U.S. hiring and boosting wages.

The new tax laws have led many economists to revise estimates for economic growth. The economy is tracking almost 4 percent growth in the second quarter of 2018, CNBC reported. The report cited “new-found proceeds from the tax bill” driving consumer spending as a primary source of higher growth.