“The Republican tax cuts are paying off bigtime for Apple shareholders,” Yuval Rosenberg writes for The Fiscal Times.
“The iPhone maker on Tuesday reported stronger-than-expected earnings for the first three months of the year — but its operating results were overshadowed by the bonanza it announced for shareholders: Apple said it would buy back an additional $100 billion worth of stock from its investors and increase its dividend payout by 16 percent,” Rosenberg writes. “The $100 billion program is reportedly the largest ever. It’s about the size of Ecuador’s GDP, or enough cash to buy companies like Lockheed Martin, Goldman Sachs or Starbucks.”
“Senate Democrats have been tracking buyback announcements since the Republican tax law was passed, and Apple’s is far and away the largest, accounting for more than a quarter of the $390 billion total so far. (Cisco’s $25 billion increase in its repurchase program, announced in February, is second on the list),” Rosenberg writes. “But for now the tax cut winners are clear: ‘Apple Inc lavished cash on its shareholders like no company in history in the first three months of the year and it intends to keep doing so, making the iPhone maker’s investors the clearest winners yet from last year’s sweeping U.S. corporate tax cuts,’ Reuters’ [Noel] Randewich wrote.”
Read more in the full article here.
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