“In an interview with The Washington Post, Cook said he will present specific proposals aimed at encouraging companies to bring back foreign earnings to the United States and invest that money injob creation, as well as research and development. He will speak at a Senate hearing Tuesday,” Kang reports. “More than 1,000 U.S. companies hold an estimated $1.7 trillion in earnings overseas, according to a JPMorgan report. And Apple, which has built up one of the biggest cash piles in corporate history, holds massive amounts in foreign countries… Apple has $145 billion in cash, but analysts estimate it has only $45 billion available in the United States.”
Kang reports, “‘If you look at it today, to repatriate cash to the U.S., you need to pay 35 percent of that cash. And that is a very high number,’ Cook said in an interview Thursday. ‘We are not proposing that it be zero. I know many of our peers believe that. But I don’t view that. But I think it has to be reasonable… When you combine state and federal, Apple is paying approximately $1 million an hour in just domestic income taxes,’ he said. ‘You may not know this, but Apple likely is the largest corporate taxpayer in the U.S.,’ Cook added.”
Read more in the full article here.
MacDailyNews Take: Would that he’d propose a dramatic simplification for U.S. personal income tax laws, too.
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