can to avoid paying high US tax rates. Microsoft generated $20 billion in foreign income in 2016 and a loss in the US. Why would anyone thing that is a good thing? Large multi-nationals are proving they are very adept at minimizing their domestic tax exposure. When the nominal rates are so much higher (35% vs. 15-25% in the rest of the developed world), there is simply too much of an incentive and opportunity for large multi-nationals to game the system and avoid paying taxes in the US on much of their income.

Who cares if there are no guarantees that they will invest the money in creating new jobs. We KNOW they will shift profits from a 35% tax jurisdiction to a 20% tax jurisdiction wherever and whenever they can. If our tax rates were more in line with the rest of the world, they would have no (or far less) incentive to do so. That in itself would be a good thing even if there was no reinvestment in the US.