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Tax Holiday for $1 Trillion May Lure Back Profits Without Growth

Google Ireland is not a branch office of the U.S.-based search giant Google Inc. It’s a separate corporation, and American tax collectors can’t touch a dime that Google Ireland earns from its core business until it sends profits back home to the mother ship in Mountain View, California.

The term of art for bringing the money back is repatriation -- the same as for a soldier captured abroad. U.S. multinationals have more than $1 trillion in profits stashed in overseas subsidiaries.