Every indexed document

as the dollar strengthened ahead of the bulk of the actual repatriation flows.

followed by emerging Asia.) This may result in upward

resulting in effective US tax rates well above the US statutory rate). Our

leverage is approaching all-time highs (Chart 9).

given that both interest rates and dividend payout

pay-down of debt may be other likely uses

but that a lower proportion will be used for

and below the equal-weighted benchmark’s 36% return. And

by Selected Major and Minor Industry of the Parent

Melissa: “The One Time Received Dividend Deduction”

vs. an average of $60bn over the prior five years. The IRS

according to the Bureau of Economic Analysis (BEA)’s U.S. International

based on an allowable exemption of 85% of foreign earnings from

which allowed for a one-time repatriation of

and their work suggests that nearly half is concentrated within

which could help fund infrastructure/defense spending.

i.e. 35%(1-75%) = 8.75% and 35%(1-90%) = 3.5%. This methodology was proposed by Dave Camp’s

where a proposed territorial tax system would exempt companies’

accumulated overseas earnings will be subject to a transition tax of

we would expect the uplift to our EPS forecast