by Robert Reich:Senator Chuck Schumer,

the likely Senate majority leader next year if Democrats take back the Senate, told CNBC Tuesday that one of his priorities would be a large corporate tax cut for American multinational corporations that brought home their overseas profits --- now totaling $2.5 trillion -- and invested some of those profits in an “infrastructure bank.”

That’s consistent with an October 13, 2014, speech Hillary Clinton made to the Council of Insurance Agents and Brokers, in which – according to Wikileaks – she said “a number of business leaders have been talking to my husband and me about an idea that would allow the repatriation of the couple trillion dollars that are out there. And you would get a lower rate — a really low rate — if you were willing to invest a percentage in an infrastructure bank.”

A good idea? Congress’s last tax amnesty, in 2004, was a flop. Executives of large global U.S. corporations had argued that the amnesty would allow them to reinvest their overseas earnings in America. But a study by the National Bureau of Economic Research found that 92 percent of the repatriated cash was used for dividends, share buybacks, and executive bonuses. “Repatriations did not lead to an increase in domestic investment, employment or R.&D., even for the firms that lobbied for the tax holiday stating these intentions,” the study concluded.'

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