Farewell, Ireland: It looks like corporate America will finally bring that cash home.

For years, the likes of Apple and Microsoft have stashed billions of dollars offshore to slash their U.S. tax bills. Now, the tax-code rewrite could throw that into reverse.

The implications for the financial markets are huge. The great on-shoring could prompt multinationals, which have parked much of their overseas profits in Treasuries and U.S. investment-grade corporate debt, to lighten up on bonds and use the money to goose their stock prices. Think buybacks and dividends.

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