As Expected, Apple, Inc. Would Be Among the Biggest Beneficiaries of the Republican Tax Bill
Republicans are hard at work at tax reform, passing two different bills in the House and Senate earlier this month. Tax reform has been a hot topic of debate for the past year, with the issue of repatriation being particularly relevant for Apple (NASDAQ: AAPL). The Mac maker is the largest U.S. hoarder of overseas cash by far, with 90% more held by foreign subsidiaries than runner-up Microsoft. At the end of the third quarter, Apple was holding $252.3 billion in foreign cash, compared to Microsoft's $132.1 billion.
Under the bills, which still need to be reconciled, there would be a one-time tax on foreign earnings at a rate of 14% (House version) to 14.5% (Senate version), regardless of whether or not that cash is actually repatriated to the U.S. or not. Overall, Apple could benefit by as much as $47 billion, according to estimates from Financial Times.
Image source: Apple.
Source: Fool.com
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