…and Apple wants to bring some of it home. Check this out from Apple Insider:
Apple has joined a consortium of companies including Cisco, Duke Energy, Oracle, and Pfizer to lobby the US government for a tax holiday that would allow corporations to bring home an estimated $1 trillion now parked in overseas accounts.
Without the tax holiday, the companies say they won’t spend their overseas earnings in the US, given that they face a 35% tax on their profits generated outside the country. Their plan asks for a temporary break that would enable them repatriate their foreign cash by paying only 5% in taxes, during a one year period.
Can you imagine this President giving up $300 billion in taxes from evil greedy corporation? Me, neither — which is why he probably won’t collect any of it. Those trillion dollars will stay parked overseas.
Maybe Steve Jobs will bring it up in the Oval Office tomorrow. Hey, Steve? Tell the President that it’s “stimulus you can believe in.”