Yes, it does: Imagine 39% tax, where you compound at 10%. If you pay tax once per year, that becomes 6.1% after tax. 1.061^5 - 1= 0.34455 Now imagine you co

Yes, it does: Imagine 39% tax, where you compound at 10%. If you pay tax once per year, that becomes 6.1% after tax. 1.061^5 - 1= 0.34455 Now imagine you compound for 5 years at 10%, then repatriate and pay 39% on your profits: (1.1^5-1)*.61 = 0.37241 You have 10% more if you defer taxes.