Apple CEO Tim Cook met with U.S. Speaker of the House John Boehner at the U.S. Capitol today. The details of the meeting remain unknown, but Cook was likely sweet talking Boehner to pass the the tax holiday Apple wants so it can bring back billions in offshore cash at a low tax rate.
$74 billion of Apple’s $110 billion in cash assets are held offshore to avoid higher U.S. corporate tax rates, and many businesses based in the states operate the same way. Apple pioneered a technique called “Double Irish With a Dutch Sandwich” in which it routes its profits through Irish subsidiaries and the Netherlands and then to the Caribbean to sidestep income taxes. (The New York Times recently ran a piece on Apple’s tax evasion that garnered some criticism, if you want to learn more.)
So, what topics do you think Cook and Boehner were talking about today in DC?Related