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  • Apple Rebuffed by White House in Bid for Tax Holiday?


    It's not often that Apple fails to get its way. But chalk this up as one of those rare occasions.

    As it turns out, Apple has aggressively pushed for Washington to allow a tax holiday on overseas profits - something the Obama Administration has consistently been opposed to.

    Just yesterday, after announcing that the company would devote some $45 billion of its $100 billion cash pile to pay dividends and buy back shares in the coming years, Apple also said it will keep $64 billion in cash "offshore" - as in, not in the United States of America.

    "Repatriating the cash from offshore would result in significant tax consequences under current U.S. law," Apple's Chief Financial Officer Peter Oppenheimer said on Monday during a conference call with members of the media. "We think that the current tax laws provide a considerable economic disincentive to U.S. companies that might otherwise repatriate the substantial amount of foreign cash that they have."

    Currently, if Apple brings the money back into the United States it would be taxed at the standard corporate rate of 35 percent. Apple has joined other corporations, including Google, Cisco and Pfizer, in seeking a repatriation holiday that would slash the tax rate on profits broad back from abroad.
    Although a proposal remains a hotly debated issue in Congress, the White House seems firmly and unwaveringly against allowing the tax holiday or making special exceptions - regardless of how much President Obama loves his iPhone

    Source: International Business Times
    This article was originally published in forum thread: Apple Rebuffed by White House in Bid for Tax Holiday? started by Michael Essany View original post
    Comments 22 Comments
    1. Cer0's Avatar
      Cer0 -
      Quote Originally Posted by Kenn@rd. View Post
      I agree, apple as we all know it is "gangsta" but somehow, we all in someway, are curious and somewhat interested in their products or p&r. Hmm, namean? Eh,... Fugghetaboutit.
      They did not make the money here and send it out somewhere. This is money they made outside of the USA. They are a world wide retailer.
    1. Alluziion's Avatar
      Alluziion -
      Some people commenting here do not have the slighest idea about business and economic policy...

      35% is outrageous! How do the US Gov expect to encourage investment when they are placing such high taxes on the transfer of capital? They just see this an opportunity to milk a company to generate some additional money to cover their struggling economy during a global economic downturn where Obama is willing to waste $180,000 per hour joy-riding his fancy oversized jet along with David Cameron. I think it's fair to say that Apple use their capital much more conveniantly and efficiently than that of the US government.