This document is page 12 of a Bank of America Merrill Lynch Equity Strategy report dated January 29, 2017. It analyzes the financial implications of corporate cash repatriation and the proposed 'border adjustment tax' under the Trump administration. The text discusses offshore holdings of major tech and pharma companies (AAPL, MSFT, etc.) and references comments by Donald Trump and Sean Spicer regarding tax policy. The document bears a 'HOUSE_OVERSIGHT' Bates stamp, indicating it was part of a document production to the House Oversight Committee.
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