Apple Says $60 Billion Will Remain Overseas Until US Tax Law Changes

Apple made an aggressive pitch for a corporate tax holiday Monday, stressing that it plans to keep more than $60 billion parked offshore until Congress makes it easier for companies to bring those profits home.

The warning from the nation’s most valuable company came as Apple announced it would pay a dividend to shareholders and buy back stock, moves that will cost about $45 billion over three years.

But Apple — which, like several other Silicon Valley titans, has spent months lobbying for more flexibility to repatriate offshore profits — said it will rely exclusively on domestic cash reserves for the transactions and will not touch the billions in profits held abroad.

“Repatriating the cash from offshore would result in significant tax consequences under current U.S. law,” Apple Chief Financial Officer Peter Oppenheimer said on a conference call.

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12 comments on “Apple Says $60 Billion Will Remain Overseas Until US Tax Law Changes
  1. Noob says:

    That’s alright Apple.  Ive kept my money parked far away from your overpriced and proprietary junk.

    • WOW, no capitalists here?  I only use Apple products and will never touch one of Gate’s products. Steve Jobs was a visionary, an entrepreneur, he has created more millionaires than most other companies ever will. He created iTunes and was able to talk the music industry into selling their songs for 99 cents each which resulted in making many many musicians very rich. He created the APP store. Apple has paid out billions of dollars to App developers helping to make people like the developers of farmville into multi-millionaires. Steve Jobs and Apple have done more for the free market and capitalism then most other companies every have. Microsoft on the other hand- can not say the same. Although Gates does do a lot of charity work his products are horrible time wasters, their computers hold you hostage to purchase other software by Microsoft, etc. 

      I say ALL businesses should keep their money off shore until our government stops raping the bank accounts of business. Stop taxing and get their greedy paws off our our money. If free markets were allowed in our country ( they have not been here for over 100 years) companies would bring their money back here. 

      • Mark in LA says:

        Companies have never paid less taxes than they do now. It’s amazing that after 30 years of stupid Reaganomics that have destroyed the middle class that you people still parrot that nonsense about business paying too much in taxes. Government is not raping business. Every advanced society has infrastructure that has to be paid for. If low taxes were a panacea, Apple would be in Africa or Mississippi.

  2. 1188544 says:

    Many companies who make profits overseas do not repaitriate these funds. This has resulted in several large American comanpies being taken over by Swiss holding companies taking these assets and paying majority U S stock holders with funds held oversea. The big advantage the funds can come in to U S that way wiyhout the corporate tax. Therefore stockholder is getting paid with own money, and the U S not only looses tax but in most cases the oversea company moves many job off shore too.

  3. JohnHD says:

    There is nothing unusual about this, many major companies do the same. And who can fault them. Why should they give billions of their dollars to a government that uses the funds to keep a cadre of underachievers happy of their monthly stipend, handy to vote for these depraved power mad politicians in power.

  4. jong says:

    When we take the punishment out of making money the money will come back to were it is both safe and can work for this nation.   Would you put your money where an ever increasing marxist movement to seize all wealth was going on???   I certainly would not.   We must take a page out of Ronald Reagans play book and remove corporate taxes to say 5% if not to 0% and that will bring so much industry to the US you would not believe.   When we close our border with Mexico along with this we will go back to being the biggest and the best.  Of course in thirty or forty years we will be back here again we never seem to learn the lesson.

    • jong- you are right, any company that is smart is going to send a big signal to the white house that they will NOT keep their money here under this totalitarian behavior from the IRS who is just plundering and stealing from the people and businesses. I would not have my money here either if I were a big enough company. It would be oversees until the rates get way lower to bring that money back here. 
      Let Obama’s patsy Warren Buffet pay all the taxes since he thinks he is not taxed high enough, :) 

  5. zoomer165 says:

    it’ll never happen until we get real people running this country, now all we have is a bunch of crooks
    no better than Dillinger himself wanting a cut of every penny you make…

  6. AmericaFirst says:

    I don’t blame Apple or any other company for not bringing their money back.   Our government cannot be trusted.  Maybe after we clean house in November and get rid of Obamacare, NLRB, EPA, Fed. Reserve, IRS, Planned Parenhood, and balance the budget.

  7. R Henry says:

    Good thinking. If the USA would make their taxing policies more business friendly this country would start buzzing again.  Hoo-ray for Apple !!!

  8. Pamela Dunn says:

    Apple=== Over priced junk

  9. Bill Slater says:

    A graphic illustration of why (in addition to being fatuous) “tax the rich” will not prove to be the windfall predicted by the current White House administration – why should this prediction be any different?