It would be a hell of a lot simpler to slash the US corporate tax rate to 10% with no loopholes and put a minimum tax rate of 12% on FDI and profits held overseas.

100% of that money "held" overseas would return in about 15 seconds because it really isn't there in the first place as Hussman explained some time ago.

Hussman's only mistake was failure to come up with a catchy phrase like "Phantom FDI".