Apple is evil. There's no way around it. They have become one of the world's great tax dodgers, pissing off governments from Australia to France by their tax-dodging ways, all the while using the infrastructures those very countries established so that they can earn massive profits. This does not include their wage stealing from engineers, wage stealing from their retail workers, their use of sweatshops to manufacture their goods, their poor environmental record (link, though, hey! they're trying to change!).
See after the doo-dad for that $130 billion.
So, I read the Financial Times on a regular basis--Ol' Diz may be a country boy, but he likes to stay informed. And guess what just burned his butt yesterday? This (from the print edition):
Apple Eyes Second Big Bond Sale to Help Fund $90 bn Share Buyback
Apple is preparing the groundwork for another blockbuster debt sale in the region of $17 bn that would rank as the second largest corporate bond sale of all time. The world's most valuable company said last week that it planned to increase its share buyback from $60 bn to $90 bn, funded by domestic and international bond sales.Meanwhile, activist investors are trying to get Apple to provide more and bigger dividends. Be that as it may, Apple is starting to become one of the premier dividend producing corporations, right up there with fellow tax dodger GE.
Apple plans to use the proceeds from the debt sale to fund the buyback rather than tap into its $150 bn cash pile. About $130 bn, 88%, of that cash is held overseas, and returning it to the US would lead to a tax charge of up to 35%.... During Apple's quarterly results call last week, Luca Maestri, the company's incoming finance chief, said repatriating offshore cash would incur "significant" tax consequences.
Apple's tax "burden" in the US for 2013 will be around $7 billion. Lot of money. But that's on 2013 revenue of $170 billion, $37 billion of which is in profits. They manage to sock away a lot of their profits to Ireland, where they pay 2% in taxes.
So, back to that $130 billion parked overseas. If they repatriated the whole lot and the GOP had their way allowing them to pay a tax rate of 5%, they would pay $6.5 billion to Uncle Sam. If they paid the actual 35% rate (though of course, this is rarely done by any corporation) they would pay $45.5 billion.
Think on that last figure for a moment. I'm sure we can each come up with a federal program that could use the money. Even the $6.5 billion under Cantor's plan.
Yet, many still worship at the idol of Steve Jobs or see Apple as the wave of the future. However, since "corporations are people too" with free speech rights, it seems to Ol' Diz that this corporation needs to decide its nationality and perform its civic duties.
Oh, one more thing. Apple is a big campaign donor to the Democratic Party...