2 Offshore Money
Apple is quickly on track to become the world’s first trillion dollar company. But beyond its reputation for business success and tech innovation, Apple has unfortunately become a poster child for U.S. corporations sheltering profits overseas in order to avoid being taxed on that profit by the Internal Revenue Service. Apple is hardly the only multinational corporation to do so, but it is undoubtedly one of the most high-profile.
Cupertino reportedly has more than $230 billion in parked cash sitting offshore. And in 2016, CEO Tim Cook went on record saying that the company won’t bring any of that money back to the U.S. economy until the country’s tax rates are “fair,” according to the Wall Street Journal. Worst still, a Bloomberg report from December revealed that American taxpayers are technically paying Apple millions to shelter their profits overseas. In recent years, Apple has been also slammed with a number of bills for unpaid back taxes, both by the Irish and Australian government.