Taxing Testimony: 10 Highlights From Apple CEO Tim Cook's Remarks To Congress

Apple Supports Lowering The U.S. Repatriation Tax

"The barrier right now in terms of repatriating cash is that it's repatriated at the 35 percent level. And so our proposal -- and I may be a bit different than my peers here, as I'm not proposing zero -- is that we eliminate all corporate tax expenditures, get to a very simple system, and have a reasonable tax on bringing money back from overseas. And I think if we did that, I think many, many companies would bring back capital to invest in the United States and it would be great for the economy. "Apple does not support a temporary tax holiday. We think the tax code needs to be comprehensively reformed for a long period of time. I think in terms of a rate for bringing back foreign earnings, to incent a huge number of companies it would need to be a single-digit number. And I think by doing that you wind up in a revenue-neutral kind of situation, which means some companies would pay a bit more -- and I think we would be one of those -- and other companies would pay less. But I think more important ... it would be great for growth in this country. And so that's the reason I feel so adamant about doing this."


Get a roundup of CRN's mobility coverage right to your inbox with the Mobility Insights newsletter.