Here is the headline, sub-head and first paragraph of Tripp Mickle’s article for the Wall Street Journal:
Apple to Pay $38 Billion in Taxes on Cash Overseas, Build New U.S. Campus
Apple recently said it had $252 billion in cash or cash equivalents abroad
Apple Inc. said it would pay a one-time tax of $38 billion on its overseas cash holdings and ramp up spending in the U.S., as it seeks to emphasize its contributions to the American economy after years of taking criticism for outsourcing manufacturing to China.
A question for you: would this have happened during the Obama administration, with all the regulations in place that President Trump removed and without the new tax legislation?
And for those of you who said “yes”, a second question: when do you think all this money went out of the United States? Do you think wasn’t being sent abroad from 2009 to 2017? You know better.
As any reader of this blog knows, I have no problem attacking Donald Trump when he does something wrong. And he gives me many opportunities to do just that.
But when he gets it right, he gets it right. And the benefits of what he has done in deregulating/unstrangling corporations while bringing their tax structure back to where funds – like Apple’s – are not forced out of the country, cannot be overstated. Not for our corporations themselves and not for our work force.
Imagine had Hillary won.
At this rate overseas tax collection is going to be 1 trillion or more. Plus a lot of capital to be spent here in the USA.
It seems economically President Trump has Made America Great Again.
It seems Apple is doing a lot more than paying taxes and moving capital to the US.
In addition to the *[overseas $$ & taxes], the tech giant announced today it has plans to open a new facility and add 20,000 employees over the next five years.
Apple’s new plans include $350 billion in U.S. investments.
Apple will also be giving employees $2,500 bonuses thanks to Trump’s tax cuts. Over 2 million Americans have received Trump tax cut bonuses from their employers.
*I added that.