“Apple (AAPL) is piling up boatloads of cash: just not here [in the U.S],” Stephen Rosenman writes for Seeking Alpha.

“Those boatloads are increasing becoming docked in Apple’s foreign subsidiaries and cannot be repatriated without incurring additional hefty U.S. taxes,” Rosenman writes. “A whopping $54 billion of Apple’s $82 billion cash and investments is in offshore accounts. It isn’t coming here: The giant 35% U.S. corporate tax has created an artificial divide between U.S. and foreign holdings, a divide which cannot be easily bridged.”

Rosenman writes, “Moreover, the off-shore component of cash is growing exponentially, courtesy of milder overseas tax treatment as well as burgeoning foreign markets. In contrast, Apple’s U.S. cash/investments are increasing much more slowly.”

Read more in the full article here.

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