Apple's $38 Billion Tax Payment Less Than Half Of $79 Billion They Owe

commondreams.org

Tech giant Apple made international headlines and inspired President Donald Trump to brag overnight about his role in making it all possible after announcing it would pay approximately $38 billion in taxes as it repatriates large sums of overseas cash holdings—but that dollar figure is less than half of what tax analysts say the company should be paying for those earnings.

According to estimates, Apple has kept more than $252 billion in profits overseas in order to avoid paying U.S. taxes. But with the Trump and GOP lowering the repatriation tax rate from 35% down to 15.5%, the lobbying by powerful and wealthy corporations—including Apple—is finally paying dividends. As Ars Technica notes, Apple didn't really have a choice about this. "Under the new tax bill," the outlet noted, "all overseas cash is subject to a one-time 15.5 percent tax whether Apple leaves it overseas or moves it to the United States."