The Center on Budget & Policy Priorities has released Proposed Tax Break for Multinationals Would be Poor Stimulus; "Dividend Repatriation Tax Holiday" Failed in 2004, Unlikely to Work Now, by Chye-Ching Huang:

The Business Roundtable and Chamber of Commerce have proposed resurrecting, as a stimulus measure, the 2004 “dividend repatriation tax holiday,” which allowed firms to bring their foreign-generated profits back to the United States at a greatly reduced tax rate. The Joint Committee on Taxation estimates this proposal would cost $16 billion over ten years.

Yet the evidence shows that the 2004 tax holiday did little more than give windfall profits to a small number of large multinational corporations and did not lead to increased investment and jobs in the United States. Indeed, as a recent Goldman Sachs analysis concluded, this idea is more likely to help corporations’ balance sheets than to stimulate demand.

Resurrecting the tax holiday would also encourage corporations to shift profits and jobs out of the United States by increasing the tax advantages of foreign over domestic investment. That is likely why Congress, when it enacted the 2004 measure, explicitly stated that it should be a one-time-only tax break that should not be repeated.