Farewell, Ireland: It looks like corporate America will finallybring that cash home.

For years, the likes of Apple and Microsoft have stashedbillions of dollars offshore to slash their U.S. tax bills. Now,the tax-code rewrite could throw that into reverse.

The implications for the financial markets are huge. The greaton-shoring could prompt multinationals, which have parked much oftheir overseas profits in Treasuries and U.S. investment-gradecorporate debt, to lighten up on bonds and use the money to goosetheir stock prices. Think buybacks and dividends.

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