Based on new information coming to light this week, Mac maker and mobile tech giant Apple is not going to get that which it requested from the White House.
As of late, Apple has been lobbying Washington for a tax holiday on overseas profits.
On Monday, after announcing that the iPhone maker would devote some $45 billion to pay dividends and buy back shares, Apple confirmed that it will keep $64 billion in cash offshore.
“Repatriating the cash from offshore would result in significant tax consequences under current U.S. law,” Apple’s Chief Financial Officer Peter Oppenheimer said on Monday. “We think that the current tax laws provide a considerable economic disincentive to U.S. companies that might otherwise repatriate the substantial amount of foreign cash that they have.”
From the International Business Times:
Currently, if Apple brings the money back into the United States it would be taxed at the standard corporate rate of 35 percent. Apple has joined other corporations, including Google, Cisco and Pfizer, in seeking a repatriation holiday that would slash the tax rate on profits broad back from abroad.
Although the issue is still up for consideration in Congress, the White House has expressed little willingness to allow the so-called tax holiday for Apple and other companies making similar requests.