Not a big fan of a 10% 'one-time' tax on foreign profits.
First, we know how these 'one-time' things become regular behaviors.
Second, if you make the tax environment in the U.S. more attractive than it is overseas... that money will flow back naturally... all 100% of it... to fund U.S. investment. The government will just waste anything taken as a 'one-time' tax, I guarantee it. I can't believe we ever got to the point where foreign tax environments were more attractive than the U.S. anyway.
Lowering rates and pushing brackets upward is needed just to offset the inflation that has occurred over the years...
The rate of 10% is a lower rate than is currently payable on those same profits, as an inducement for those monies to be repatriated to the US for domestic investment in goods, services, jobs, etc.
As it is now, those monies are being invested overseas, in plant and equipment, etc. and probably factor into decisions about where to locate factors of production.
I know decades ago the major US corporation that employed me, used the gimmick, and probably still does. The ten story office building they built in Riyahd, Saudi Arabia was held out as one of the "investments" from these deferred tax funds.
