Apple has over $80-billion in the bank, $54-billion in overseas banks. The US government wants a chunk of that profit. Richard Blacken in The Telegraph:
Apple’s pile is a mere fraction of the $1 trillion to $1.5 trillion of profits that JPMorgan Chase estimates US companies have locked away overseas. As the US recovery stumbles, this wall of cash is becoming an increasing source of agitation to some in Congress…
Senator John McCain last month became the latest, and certainly highest-profile politician, to push for a plan to get the money back. He wants the tax that companies pay when they repatriate their cash to be cut to 8.75 percent for one year – a tax holiday that supporters insist will unleash a wave of money that will roll into America and create jobs.
And, the government gets more money.