The US corporation tax has gone down to 21% from 35% and the tax rate at which foreign profits can be re-patriated is 15.5%.

Sitting off-shore are $252 billion of Apple profits, $128 billion of. Microsoft profits, $68 billion of Cisco profits, $54 billion of Oracle profits and $52 billion of Alphabet profits.

So where will this windfall be applied?

Engineers’ salaries? Well, if you take Apple as an example, its position as prime mover in the tech industry no-poaching collaboration to keep salaries low suggests that pay increases are not a priority.

R&D? If you take Apple as an example again well Apple s not traditionally a big spender.

Stock buy-backs? Bingo!