BASEHOR, Kan. - The Wall Street Journal editorial in the August 6-7 edition, titled Repatriation Games, extolls the economic miracles that would abound if U.S. multi-national corporations were allowed to "repatriate" their foreign-earned capital to the United States at atrociously low tax rates. New York Democratic Senator Chuck Schumer, in spite of his everyman-champion image, is a shill for Wall Street and has proposed a one-year, 5.25% repatriation rate. Economist Allen Sinai, in the same editorial, is reported to have estimated that there is more than $1 trillion abroad waiting to be repatriated -- if only the rates go down.
Unfortunately, the editorial leaves out one inconvenient fact when it comes to the argument that repatriation of foreign capital will produce jobs: lack of customer demand.
BASEHOR, Kan. - The August 3 Wall Street Journal opinion piece 
