Biding their time

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With the current regime, businesses are in a state of uncertainty. They are not getting a clear picture of what they can expect in the future -- what with from Obama's flailing around on economic issues and blowing our tax dollars chasing the green energy unicorn. Case in point -- from The Hill:
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.

Apple and other backers of a repatriation holiday � including Oracle, Cisco, Microsoft and Google � threw their support last year behind the WIN America Campaign, a lobbying coalition that urged Congress to temporarily reduce the tax rate that U.S. multinationals have to pay on offshore profits.
Here is the website for the WIN America Campaign The House (H.R. 1834) and Senate (Foreign Earnings Reinvestment Act) bills are fully bi-partisan and delightfully short (two and one pages). We are talking about one trillion in cash that is sitting overseas and waiting for a change in the economic climate...

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This page contains a single entry by DaveH published on March 20, 2012 7:46 PM.

Do as I say, not as I do was the previous entry in this blog.

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