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>> Goldman Sachs said on Friday it expects its fourth quarter earnings to decrease by $5 billion. But that's not necessarily a bad thing for the bank.>>
>> The one time charge comes as Goldman looks to take advantage of the new US tax law that makes it cheaper for companies to bring cash back to the US that's been parked overseas.
And that's just what Goldman is doing, as roughly two-thirds of that seemingly hefty price tag comes from paying the repatriation tax, which has been lowered to 15.5% for cash assets. Thanks to Congress's new tax bill signed into law last week by President Trump. Before that, Goldman would have been subjected to the full corporate tax rate of 35%.
Several other US companies, such as Apple, Delta Airlines and drug maker Amgen, have also announced they're taking hits now to move some profits back home. What's more, with that overall rate of 35% now lowered to 21%, Goldman and other US corporate giants will likely be winners in the long run under Trump's new tax plan.