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U.S. multinationals have had a busy year identifying, concentrating and ultimately wiring back the retained earnings that have been piling up in foreign subsidiaries. Thanks to the American Jobs Creation Act and its promised tax rate of 5.25% on repatriated funds, hundreds of billions of dollars have been flowing into corporate coffers. But many, if not most, companies are already nicely flush, sitting on respectable hoards of cash from cost cutting, divestitures and operating profits.

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