E.T. bring the greenback home!! (ET = extra territorial in this case)

Corporations with as much as $1 trillion in profits parked overseas should be allowed to bring that money to the U.S. without spending the repatriated funds on job creation or paying taxes (possibly taxes at a reduced rate). Is being debated around Congress.
In 2004, Congress passed legislation allowing U.S.-based companies to repatriate overseas profits at a 5.25 percent tax rate instead of the 35 percent statutory corporate rate. Most of the funds went to buy back shares v creating jobs.

I personally don’t think we’re short of cash – just ideas. This being said bringing more cash into a system is generally good and a Trillion should not be overlooked.

Under U.S. tax law, multinational corporations owe taxes on income they earn from active business operations around the world. They can defer U.S. taxes on money earned outside the U.S. until they bring it home.

“As you know,” Bernanke said, “I’ve suggested looking at the corporate tax code, and one aspect of it is the territoriality provision. If you were to allow firms to bring back cash, you know, from abroad without additional taxation or limited additional taxation, there might be more incentive for them to bring it home and use it domestically.”

The trading play…companies with large cash balances that could lead to share buy-backs:

Google, Washington Post, Humana, WellPoint, ADOBE, Qualcomm, Pfizer, Priceline, Apple, MasterCard, Intuitive Surgical, Motorola, CISCO, CA Technologies, Microsoft, Amgen, Duke Energy, & pretty much any USA multination corporation.