From CNBC here:
Contrary to the intent, the benefits skewed toward a select few companies in a select few industries. Rather than use the money for hiring and capital purchases, companies plowed the cash into share buybacks and dividends, and many of the biggest beneficiaries actually cut American jobs in the years after the repatriation.
“While empirical evidence is clear that this provision resulted in a significant increase in repatriated earnings, empirical evidence is unable to show a corresponding increase in domestic investment or employment,” the Congressional Research Service, Congress’ nonpartisan think tank, said in a report.
If you give American multinationals a tax break they’re going to funnel that money to themselves and their investors.
They are not going to create jobs with it unless you are in the prostitution or cocaine business.
It’s complete bullshit and it’s how our politicians end up increasing income inequality in our society. And just about as the lid is about to blow off the lid of our society I don’t see why now would be a good time to increase the gap between rich and poor.