Tax cuts proposed by President Trump and the Republicans could be huge for tech companies such as Apple, notes The Mercury News.
The proposal would cut corporate taxes to 20% from the current 35% to “[stop] corporations from shipping jobs and capital overseas” and reducing taxes on foreign profits. Apple alone holds $231 billion overseas, or 94 percent of the $246 billion cash hoard the company had as of the end of 2016, according to a Moody’s annual investor report in July.
Apple has long advocated for lower taxes on profit made outside its home country, especially because its size and success make it a popular target for critics of American companies that keep most of their money overseas. In 2013, Apple CEO Tim Cook and other Apple execs were called to testify before Congress about the company’s tax avoidance. Cook said, “Apple pays all the taxes we owe,” and called for tax reform.
