“Apple’s profits stashed overseas is getting restless for a trip to the United States. The tech giant, frequently seen wealthier than the U.S. government and Exxon-Mobile, is lobbying the U.S. government for a five percent ‘tax holiday,” Ed Sutherland reports for Cult of Mac.
“Apple is aligned with Republicans and against the Democratic American President,” Sutherland reports. “Google, Oracle and Cisco are also part of the ‘WIN America Campaign’ that argues ‘incentives to invest at home is a common sense solution that will immediately inject up to $1 trillion into our economy and provide businesses with the security and certainty they need to help Americans get back to work,’ according the the group’s website.”
Sutherland reports, “So far, the proposed bill has picked up support of 15 Republicans and eight Democrats in the House of Representatives. So far opposed to the effort is President Barack Obama, to whom the companies donated $1.3 million in 2008.”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Lava_Head_UK” for the heads up.]
U.S Senate Democrat Schumer allies with Apple, other multinationals on repatriation tax talks – June 21, 2011
U.S. companies push for tax break on foreign cash – June 20, 2011