"Obama’s new plan would simply confiscate 14% of these foreign earnings, regardless of whether or not the money was brought back into the country. In future years, Obama would impose a 19% tax on all foreign earnings as they are earned. Worries about such tax proposals are a large reason why iconic US companies like Burger King, for example, are now foreign corporations.
Obama would use this one-time confiscation to plug a hole in the federal Highway Trust Fund. This idea is similar to the now-discarded White House plan to confiscate money from “529” education savings plans to fund a new entitlement to education at community colleges."
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