Mack Eyes Bigger Bite Of The West

MacDailyNews Take: It’ll be interesting to see how the final bill shakes out, but we’d bet large multinationals would take a bit of a hit on repatriation in exchange for finally moving to a territorial system.

As we’ve been saying for many years now, the U.S. corporate tax rate is obviously way too high and exceedingly anachronistic.

Under the current U.S. corporate tax system, it would be very expensive to repatriate that cash. Unfortunately, the tax code has not kept up with the digital age. The tax system handicaps American corporations in relation to our foreign competitors who don’t have such constraints on the free flow of capital… Apple has always believed in the simple, not the complex. You can see it in our products and the way we conduct ourselves. It is in this spirit that we recommend a dramatic simplification of the corporate tax code. This reform should be revenue neutral, eliminate all corporate tax expenditures, lower corporate income tax rates and implement a reasonable tax on foreign earnings that allows the free flow of capital back to the U.S. We make this recommendation with our eyes wide open, realizing this would likely increase Apple’s U.S. taxes. But we strongly believe such comprehensive reform would be fair to all taxpayers, would keep America globally competitive and would promote U.S. economic growth.Apple CEO Tim Cook, May 21, 2013

SEE ALSO:

Apple could be biggest beneficiary of Republican tax reform plans, saving at least $47 billion – December 6, 2017

Dow soars 203 points higher to record as Wall Street cheers U.S. Senate passage of major tax bill – December 4, 2017

Oracle joins Apple in support of President Trump’s tax repatriation plan – November 7, 2017

President Trump’s tax cuts could be YUGE for Apple – September 28, 2017

GOP tax plan calls for cutting the corporate tax rate from 35 percent to 20 percent – September 27, 2017

Goldman Sachs sees $1 trillion in U.S. tax cuts coming – September 20, 2017

Apple will eventually bring billions of dollars back to the U.S. under President Trump’s tax reform plan – July 21, 2017

President Trump’s tax reform plan includes deep cuts in corporate taxes – April 26, 2017

Apple could be primed for profit explosion under President Trump’s big tax cut – April 26, 2017

Analyst: Apple could double dividend, buy Netflix with repatriated cash under President Trump’s U.S. corporate tax changes – March 17, 2017

Apple raises $10 billion in debt ahead of President Trump’s repatriation tax plans – February 3, 2017

After Apple’s blowout earnings, the Street looks toward ‘iPhone X’ and President Trump’s tax reforms – February 3, 2017

President-elect Trump’s corporate tax reform expected to have some positive impact on Apple EPS – January 14, 2017

Exploring Apple’s tax situation under U.S. President Donald Trump – November 21, 2016

Morgan Stanley: Apple stands to benefit the most from President Trump’s corporate tax plans – November 11, 2016

Apple and U.S. President-elect Trump: Can a tax cut for overseas cash heal wounds? – November 10, 2016

Donald Trump plan calls for cuts in corporate taxes, personal income tax rates – August 9, 2016

Barring a tax holiday, Apple will need to raise over $50 billion in debt the next 2 years – July 15, 2016

Cramer: Apple’s Tim Cook is ‘patriotic’ on taxes – December 21, 2015

Apple CEO Tim Cook is absolutely right – and wrong – on U.S. corporate tax policy – December 20, 2015

Apple CEO calls corporate tax rap ‘total political crap’ – December 18, 2015

Apple avoids $59.2 billion U.S. tax bill – October 7, 2015

U.S. companies now have $2.1 trillion overseas to avoid corporate taxes – March 4, 2015

Source : http://macdailynews.com/2017/12/15/gop-eyes-taking-bigger-bite-from-apple-others-holding-cash-overseas-to-seal-president-trumps-tax-cuts/

GOP eyes taking bigger bite from Apple, others holding cash overseas to seal President Trump’s tax cuts
GOP unveils final $1.5T tax reform bill '31 years in the making'
Swiggy hungry for more as it eyes bigger bite of India's food-tech pie
Reflections from those who loved and lost during the past year
THE WHALE TRAIL: ‘It’s not too late’ for resident orcas to recover, but …
The 25 Best Albums of 2017
Wells Fargo local market presidents discuss what they learned during a challenging year
Breaking down the bowls: Where does Longhorns’ game rank?
'Fierce and formidable' Dlamini-Zuma eyes South Africa's presidency
The Gifts the Strategist Editors Will Be Giving (and the Gifts They Want)