U.S. Senate Hatches Plan to Attract Apple Cash Back Home
With Apple sitting on close to $140 billion overseas, it's understandable why some in the U.S. government would prefer to see that financial stockpile within our borders.
But with Apple expressing little or no interest in doing that, several U.S. Senators have hatched a plan that may help lure some of Apple's war chest back home. A bipartisan effort is now underway that could result in a one-time tax break offered to Apple (and other multinational companies with large overseas holding) if - and only
if - they repatriate profits not currently held in the U.S.
Some have criticized the effort as a far-fetched scheme. But others think it may work.
"The senators anticipate the proposal would generate a windfall in revenue that would be used to fund federal transportation projects," Reuters reports, adding that U.S. Senate Minority Leader Mitch McConnell admitted that Republicans have bounced around the idea of a corporate tax repatriation "holiday" and it now "enjoys a good deal of support in our conference."
Ron Wyden, the Democratic chairman of the Senate Finance Committee, cautions, however, that "nothing has been agreed to. Nothing has been ruled out."