We're Number Two!

The US might have the highest corporate taxes in the developed world, but if you include all the world’s nations we drop all the way down to #2.

That’s right: The UAE has a higher corporate tax rate than the US. And only the UAE.

Although Illinois, California, and New York are all helping us to catch up!

But how bad is it, really? Take Apple. To date, Apple has no debt. Zero. And a whole lot of black: About $145 billion in the bank. The problem is, most of that is in foreign banks, because Apple makes lots of money overseas. And it has already paid taxes on those profits to the governments of China, Mexico, Germany, wherever. That money has been taxed already.

But Uncle Sam does things a little bit differently. Uncle Sam taxes the money you make overseas, just as soon as you repatriate it. Even though that money has already been taxed.

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Maybe you’ll think I’m crazy for saying this, but I don’t even like to get taxed just one time, much less twice.

So Apple, the company with record profits and zero debt, is engineering the largest corporate bond sale in history. Apple is about to go $17,000,000,000 into debt, even though they have many times that sitting in banks here and abroad.

What they’re doing in essence is borrowing against their overseas holdings to finance its capital rewards program here in the United States.

Because it’s a helluva lot cheaper to pay investors 5%, give or take, than it is to pay Uncle Sam 35%.

Now any other country — certainly every sane country — would shake Tim Cook’s hand and say, “Nice job, selling all those phones in China. Now why don’t you bring that money back here where it belongs?” And then Cook would do just that. Instead, his company has to issue debt to pay for the profits he can’t afford to bring back home, where it could be financing all kinds of new jobs.

This is what Democrats call “tax shelters for millionaires and billionaires.”