President Barack Obama has called Apple CEO Tim Cook alongside other Fortune 500 chiefs to discuss economic growth and the looming “fiscal cliff.”
The fiscal cliff is a popular buzz term right now, which essentially refers to a number of laws which will soon either expire or go into affect that will result in a sudden increase in the number of tax increases and spending cuts, which could lead to recession. An example of such laws are the expiration of Bush-era tax cuts.
The so-called fiscal cliff is one of the most immediate problems President Obama has to deal with, so it’s no wonder he’s speaking to some of America’s most successful and influential businessmen, sounding out what they want to see happen to keep encouraging growth in the United States over the next few years.
It’s unknown what specific concerns Tim Cook raised with the president, but if history is anything to go by, one of Cook’s goals would be to lobby Obama for a tax holiday in order to bring more than $80 billion of the company’s war chest back home from overseas.
- Source CNN