With all this talk of deficit reduction, new taxes are an area that has rarely been talked about. If the U.S. lowered the corporate tax rate to 10% for only overseas profits that multinationals ship to America, we would realize several benefits:
Companies would have an incentive to move money back to America, and those companies might start hiring and stimulating the economy.
Also, if money is moved from China or Europe to America to escape a high corporate tax rate, America can tax it and generate new revenue to reduce the deficit.
Currently, 1.5 trillion dollars is locked up overseas due to high American tax rates. The proposed tax "decrease" would give companies an incentive to move money to the U.S., and the money, taxed at 10 percent, would generate up to $150 billion in revenue.