$54 billion of Apple's $83 billion cash pile is lounging in overseas accounts

$54 billion of Apple's $83 billion cash pile is lounging in overseas accounts
Out Apple's massive $83 billion cash war chest, a whopping $54 billion are behind bars in offshore accounts.

In case that Apple wants to bring all that money from overseas in the US, it will have to part with $18.9 billion of those for the well-being of Uncle Sam.

Apple, along with Google and other corporate behemoths, has been lobbying for a while that the government introduces an offshore tax holiday, so it can repatriate its money back in the US, paying only 5%.

Government estimates have shown that about a trillion might be brought back this way, although similar exercises in the past have shown that the money doesn't actually show up in the economy, but rather the corporations sit tight on it, and grin with delight they avoided the 35% tax rate.

source: SeekingAlpha via TUAW

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23 Comments

1. The_Miz

Posts: 1496; Member since: Apr 06, 2011

First. Blame the greedy US politicians and the ridiculous high corporate tax. Course, Google deserves to be taxed for being a monopoly and for other things I shall not list.

2. denney

Posts: 98; Member since: Oct 20, 2011

"The_Miz": The angriest uninformed twelve-year-old in the whole wide world.

4. Sackboy117

Posts: 178; Member since: Oct 17, 2011

did u use google search to find ur profile pic?

5. ZEUS.the.thunder.god unregistered

lol..

6. remixfa

Posts: 14605; Member since: Dec 19, 2008

Mizzy.. mizzy.. you were so dead right until you started on the google rant that had no point or proof. But Miz is right, as much as I dont like it, you cant hate the player for playing the game as the rules are set. Be mad at the referee and rule makers for making the game that way. Our super high corporate tax rate (2nd highest in the world) and extremely complicated tax code system (probably the most complex in the world) drive away a lot of business and most definitely a lot of money. If they would drop corporate sales tax and income tax ..and go to a consumption only tax we would be the worlds largest corporate tax haven and trillions of dollars would come floating into the USA instead of out. That would do a lot for our jobs situation.

7. cellphonator

Posts: 298; Member since: Oct 29, 2011

It can't be explained better than this.

3. DROIDX0430

Posts: 469; Member since: Nov 24, 2010

The article says Apple and this guy lashes out at Google. Of course all are wrong for doing this...but the article is about Apple hiding the loot

9. Whateverman

Posts: 3295; Member since: May 17, 2009

Right, bot companies are equally as greedy, Apple just has more money to hide. Also, how is Google a Monopoly? There are many other search engines, browsers, and smartphone OSs out there. Now I could understand if you called them a conglomerate, but I don't think they have a monopoly on anything.

8. InspectorGadget80 unregistered

UNCLE SAM SHOULD HAVE APPLE PAY LOTS OF TAXES after all the money they keep bringing in

15. xvengence42

Posts: 20; Member since: Dec 12, 2011

Damn Democrats

18. remixfa

Posts: 14605; Member since: Dec 19, 2008

idiot statements like that are exactly why lawmakers keep doing stupid stuff like that to get re-elected. Its that exact policy that makes apple and everyone else hide their money over seas. OI. LETS PUNISH SUCCESS AND THEN WONDER WHY NO ONE WANTS TO SUCCEED!!!

22. quakan

Posts: 1418; Member since: Mar 02, 2011

@remixfa At the same time it's like a teeter totter: You give more money to the companies, then money is cut from education, social security, etc and vice versa. I'm all for making the billionaires take the cut instead of people who are struggling to make ends meet even with those social welfare programs.

23. ZEUS.the.thunder.god unregistered

agree with you. we cant blame the govt. for everything.

10. microgoogaple_21

Posts: 3; Member since: Jan 11, 2012

This is probably the smartest move but not the most fair. I think that however much they make in a country they keep that much in that country. So let's say they make 300mill in US one year (random amount) have them keep it here but if they make 350 mill in china have them keep it there so that they support the economies who support them the most.

11. jacko unregistered

apple dont want to pay taxes everyone else as too on how much they earn so crapple you can too

12. roscuthiii

Posts: 2383; Member since: Jul 18, 2010

f**k'em if they only want to pay 5%. Especially since portions of that money have been tax free and rolling over in investments for years in foreign trusts. "Corporations are people" my ass. Wish all I had to pay on my income was 5%. Let the corporations pay the same amount regular people pay if that's what they want to be. Somewhere between 15%- 20%.

13. ph00ny

Posts: 2031; Member since: May 26, 2011

Yay charge apple tax on consumers and now on US Gov!!!

14. Tux4g63

Posts: 121; Member since: Oct 21, 2011

They should come up with a compromise. If Apple really wants to bring the $$ back here they should have a tax holiday that is equal to the lowest tax percentage amount in another comparable top 10 economy where Apple has an office. That way the incentive is still there that it is lower than the 35% rate the US has, but not the 5% that is clearly undercutting every other nation. I think Ireland charges 15%...this way Apple can bring there money home under the auspices they will inject it back into the economy, but when they don't, they will not have screwed the government for a 30% rate break.

16. xvengence42

Posts: 20; Member since: Dec 12, 2011

Apple earned money fair and square and its BS that the US is taxing it that much. Its not like they are going to do anything with it anywa

19. remixfa

Posts: 14605; Member since: Dec 19, 2008

How else will Obama take another 50 million dollar vacation while we starve?

21. quakan

Posts: 1418; Member since: Mar 02, 2011

That tax money helps to benefit less fortunate people. If the U.S. didn't tax them like that see how much money Apple or any billion dollar company would give up to help out. If you had $54 billion why would you even cry over losing nearly $20 billion of that, that will go back into the system of people who helped you earn that much. Greedy mentality is sickening.

17. iKingTrust

Posts: 716; Member since: Jul 27, 2011

F it. Its not these compnaies responsibility to bail us out. Its our very own gov that got us into this mess. She Uncle same needs to fix this not Apple. Cook keep that money out there.

20. 530gemini

Posts: 2198; Member since: Sep 09, 2010

Wow. That's a lot of taxes. Can't blame Apple for keeping their cash somewhere else. The US government needs to do something about this if they want those $$$ to come back to the US.

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