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A race to the bottom (tax rate) hardly seems like the only/best way to address this.

It's not so much about the level of taxes as it is about taxing foreign income, which is not something that other countries do, giving a competitive disadvantage to the US.

Even if Apple brings back the cash and dividends it out, that's more money in the pockets of shareholders, which are pretty much everybody with an index fund, pension funds, mutual funds, etc. That can't hurt the US compared to leaving the cash abroad.

Many other countries tax overseas profits, and many of the ones who don't, have very strict rules about foreign ownership to assure they aren't being gamed. The G20 is fairly united on this front.

The US and Lesotho are the only countries in the world that taxes foreign income.

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