The effect of tax policy on the repatriation of foreign earnings is a topic of ongoing discussion among policymakers, academics, and the popular press. It has become more salient due to the 2017 Tax Cuts and Jobs Act (TCJA), which permanently removed repatriation tax. This paper synthesizes the academic literature examining US multinational firms’ responses to the repatriation tax holiday initiated by the 2004 American Jobs Creation Act (AJCA), which temporarily reduced the tax on the repatriation of foreign earnings. By synthesizing firm responses to the temporary tax reduction, we identify similarities and differences in: (1) theories about why and when repatriation tax affects firms’ repatriation decisions; (2) empirical evidence of whether repatriation tax affects firms’ repatriation decisions; and (3) empirical evidence of whether repatriation tax affects firms’ investment decisions. The analyses provide insights into the effect of the permanent removal of repatriation tax under the TCJA and explore avenues for future research. This synthesis of the AJCA literature informs tax research and practice as well as policymaking.

税收政策对汇回国外收入的影响是决策者，学者和大众媒体不断讨论的话题。由于2017年《减税与就业法案》（TCJA）的实施，该法案变得更加突出，该法案永久取消了遣返税。本文综合了研究2004年《美国就业机会创造法案》（AJCA）发起的美国跨国公司对回国免税期的反应的学术文献，该法案暂时减少了对外国收入的回国税。通过综合企业对临时减税的反应，我们发现以下方面的异同：（1）关于遣返税为何及何时影响企业的遣返决定的理论；（2）返还税是否影响企业的返还决定的经验证据；（3）归国税是否影响企业投资决策的经验证据。这些分析提供了关于根据TCJA永久取消遣返税的影响的见解，并为将来的研究探索了途径。AJCA文献的这种综合为税务研究和实践以及政策制定提供了信息。