We're going to start by taking a look at the historical international earnings.

Previously, international earnings were taxed only when they were repatriated back to the United States.

Now they claim we're going to move to a territorial based system.

However, as you'll see later on, I'm not sure that's an entirely good description of the new rules for existing earnings that have not been repatriated, that were generated historically.

There's some one-off taxes and there can be 15.5% on monetary assets and 8% on other assets.

Now, this is not immediately payable.

It has been spread over up to eight years, and if you had any existing tax loss carry forwards, these could be used to offset the one-time transition tax to the new rules.