Apple recently announced that they are bringing $252 billion back to the U.S. and that they will invest $30 billion of that money to expand and to create 20,000 new jobs. Thanks to the Trump tax cuts, Apple will pay $38 billion in taxes on that money, instead of the $77 billion that they would have paid if they had brought back that money last year.
Although you'd never know it from listening to liberal propaganda, the Trump tax cuts ended the ability of American companies to park money overseas to avoid the U.S. corporate income tax. But, the tax cuts also offer American companies an incentive to bring that money back to the U.S. They can either keep that money overseas and pay the new corporate income tax rate of 21%, or they can bring it back to the U.S. and pay a special repatriation tax rate of 15.5%.
This is a win-win-win. We get $38 billion in tax revenue that we would not have otherwise gotten. We get $252 billion brought back to the U.S. We get $30 billion in direct investment into our economy. And we get 20,000 new jobs.
Apple, Returning Overseas Cash, to Pay $38 Billion Tax Bill
Although you'd never know it from listening to liberal propaganda, the Trump tax cuts ended the ability of American companies to park money overseas to avoid the U.S. corporate income tax. But, the tax cuts also offer American companies an incentive to bring that money back to the U.S. They can either keep that money overseas and pay the new corporate income tax rate of 21%, or they can bring it back to the U.S. and pay a special repatriation tax rate of 15.5%.
This is a win-win-win. We get $38 billion in tax revenue that we would not have otherwise gotten. We get $252 billion brought back to the U.S. We get $30 billion in direct investment into our economy. And we get 20,000 new jobs.
Apple, Returning Overseas Cash, to Pay $38 Billion Tax Bill