It may be sitting offshore for tax reasons, but even if it were sitting here (with higher taxes), it'd be sitting. Parked. Hoarded. Illiquid. Whatever you want

It may be sitting offshore for tax reasons, but even if it were sitting here (with higher taxes), it'd be sitting. Parked. Hoarded. Illiquid. Whatever you want to call it. Tax rates are the proximate cause here; what we really need to look at is the cost of capital, and why companies deem there to be no productive investment use for that excess cash.