Tim Cook goes to Washington
Can you imagine Steve Jobs chatting with US Houser Speaker John Boehner? How about being photographed with the nation’s top Republican? I can’t quite get my head around the idea, though current CEO Tim Cook did just that on Tuesday and the likely subject was a tax holiday that Apple has been seeking from lawmakers.
Our favorite fruit company has about $110 billion in cash and short term investments with the majority of that, more than $76 billion, stashed in off shore accounts. Apple and other big corporations have been hoping to convince Congress to allow repatriation of such funds back to the US at a 5 percent tax rate rather than currently mandated 35 percent corporate rate.
One expects that Apple and other corporations will make promises to invest the money in the US economy, but they’ve said it before and didn’t deliver. Is there any reason to trust them again?
Personally, I think Mr Obama, Speaker Boehner at al should just take what they can get and hope for the best…
What’s your take?