>As long as those US companies stay in the US - yes, seems logical.
>Dirty mind quickly conjures schemes like founding overseas company, "Buying" US company with own (foreign) shares and setting up foreign parentcompany-owned daugther companies to keep foreign earnings untaxed by the US. Don't see how the US could try to tax such a structure within current tax logic.

Which is what will most probably happen.

The interesting part is the excuse they'll invent when bailout time comes - how they are still somehow domestic companies and the taxpayers should help them out.