Quantcast

Apple says $60 billion will remain overseas until US tax law changes?

~ The Rebel ~ 2012/03/20 17:21:34

Apple made an aggressive pitch for a corporate tax holiday Monday, stressing that it plans to keep more than $60 billion parked offshore until Congress makes it easier for companies to bring those profits home.

The warning from the nation’s most valuable company came as Apple announced it would pay a dividend to shareholders and buy back stock, moves that will cost about $45 billion over three years.

But Apple — which, like several other Silicon Valley titans, has spent months lobbying for more flexibility to repatriate offshore profits — said it will rely exclusively on domestic cash reserves for the transactions and will not touch the billions in profits held abroad.

"Repatriating the cash from offshore would result in significant tax consequences under current U.S. law," Apple Chief Financial Officer Peter Oppenheimer said on a conference call.

Read More: http://thehill.com/blogs/hillicon-valley/technolog...

You!
Add Photos & Videos

Opinions

Leave a comment and start the discussion!

See Votes by State

The map above displays the winning answer by region.

News & Politics

2014/10/25 04:28:57

Hot Questions on SodaHead
More Hot Questions

More Community More Originals