That $455.6 billion, along with hundreds of billions more dollars in other earnings parked overseas, lies at the center of a tug of war between lobbyists, Congress and the White House over how to tax international profits.
U.S. multinationals have hired an army of lobbyists to sell the idea of a tax holiday to Congress, so they might repatriate a pot of overseas profits estimated at more than $1 trillion for as low as a 5.25 percent rate.
The companies — along with the U.S. Chamber of Commerce — argue that repatriation would serve as an instant stimulus of sorts, allowing hundreds of billions of dollars to flow in to the economy.
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