https://www.nytimes.com/2019/01/01/opinion/the-trump-tax-cut-even-worse-than-youve-heard.html

Yes, Krugman is obscenely partisan and yes, it's wonky, but read this.

The key takeaway:

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Suppose that Multinational Megacorp USA decides to have its subsidiary, Multinational Mega Ireland, transfer some assets to the home company. This will produce the kind of simultaneous and opposite movement in dividends and direct investment you see in Figure 1. But the company’s overall balance sheet – which always included the assets of MM Ireland – hasn’t changed at all. No real resources have been transferred; MM USA has neither gained nor lost the ability to invest here.

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Some cash moved after the bill passed, but companies run on assets and cash is just another asset.

Give me a hundred million dollars worth of real estate and I'll be a lot richer than someone with $10 in cash.

Obvious isn't it?

Someone could make the case that the assets aren't as liquid as US assets, but any lender would consider the tax liability and would still gladly lend against them.

So.. where the hell was Krugrman and everyone who knows accounting 101 before this bill passed?

I certainly drank the Kool Aid along with everyone else.