I assume that there are people from the U.S, the U.K., and Japan who would argue that it does make sense. The observation we have, in addition to the one I've made, is that in our regime, by providing an exemption for foreign business profits, we help the competitiveness of our firms.
It's a balancing exercise. Parliament could choose that it wants to tax this income. It could choose that it wants to tax this income on a current basis. I think it might be alone in the world, but that's sort of the range of options it would have.
Not taxing it on a current basis, respecting essentially the international norms on it, the question is what you do with it at the end--tax it or allow it to be brought home exempt. The system is built on an exemption, and the interest deduction rules are built in part on that exemption as well.