This morning, the big news was Apple’s announcement that it will bring back what appears to be essentially all of its cash held abroad to U.S. jurisdiction. The immediate impact will be substantial, with Apple saying it will pay $38 billion in taxes. If the remaining U.S. companies with cash overseas were to do the same thing, more than $300 billion would be raised—which would certainly help with the deficit and be good for governmental finances. This is a real benefit of the tax bill.

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