As President-Elect Donald Trump prepares to enter the White House in January, some good news for Apple.
Tim Cook didn’t support the incoming president. However, now that President Trump is about to become a reality, there is one area where the two men could find common ground: taxes. Both Cook and Trump support allowing companies to repatriate profits from overseas subsidiaries at a reduced tax rate.
In October, Trump suggested a tax rate of 10 percent for repatriated taxes. The current rate is 35 percent:
Here’s what Cook said in 2013 about the high cost of repatriating taxes in the United States:
If you look at it today, to repatriate cash to the U.S., you need to pay 35 percent of that cash. And that is a very high number,” Cook said in an interview Thursday. “We are not proposing that it be zero. I know many of our peers believe that. But I don’t view that. But I think it has to be reasonable.
Right now, Apple is sitting on a cash reserve of $237.6 billion. Much of that is overseas.