Friday, December 8, 2017

Apple, With Billions in Profits, Billions in the Bank Could Get $47 Billion Benefit From Tax Bill

Anyone Still Think This is Not a Bill for Rich Corporations

To listen to Republicans go on TV and talk about how their tax bill is a middle class tax cut is to want the chance to laugh out loud. Now a report says that Apple, which is incredibly profitable and has billions of dollars in the bank will get a $47 billion benefit when the tax bill passes.

"Apple (AAPL, -0.26%) may see up to $47 billion removed from its tax bill if Republicans continue with their current tax reform plan, qualifying it as the biggest beneficiary of the legislation that’s currently working through Congress.
While details of the tax legislation reform are yet to be finalised, Senate and House have converged over the last few days over their treatment of the estimated $1.3 trillion of cash American companies hold offshore. The vast scale of the tax cut has been the focus of discussions, based on calculations by the Financial Times and tax experts.”
And this is from Republicans who could not even bring themselves to allow the child tax credit to go to families too poor to pay tax.  P. S.  Apple has about a quarter of a trillion in cash offshore.  They sure need a tax break don't they.

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