Professor Frank Barry:

I am sure the Vice Chairman is aware that the US has offered amnesties over certain periods. President George W. Bush offered an amnesty on corporation profits. It was not technically an amnesty because they were not doing anything illegal, but there was a period during which if they repatriated their profits they would pay a reduced rate of tax on them.

This speaks to Senator Barrett's point about the military-industrial complex. The US multinationals got wind that this window was going to be introduced, so for a few years previously they repatriated less than normal to the US. Therefore, the stocks they were holding offshore built up. Then when the window was introduced all those stocks were shunted home. In the grand scheme of things the window, or amnesty, had no effect because the multinationals gained from the system by learning in advance that it was going to be introduced. That is something to be borne in mind.