US Government Considering Tax Holiday
Of its $156B in cash, Apple has $138B (88.5%) banked overseas…
Apple has a lot of cash. $156B USD to be exact, and $138B USD of it, or just about 88.50% is kept in banks outside the US. To the unfinancially initiated, like me, this seems curious. However, when you consider the 35% tax hit ($48.3B USD) that Apple would be charged to bring the money back to the United States, it’s no wonder they don’t think twice about it. Spending $$48.3B to bring back just $89.7B isn’t worth the hit. So, the money stays outside the US, and Apple deprives the US of the tax revenue…