On Monday Apple executives said during a conference call on Monday that they have no plans to bring that money back to the U.S. because of taxes. The company has lobbied the U.S. government for a tax holiday that would give the company an incentive to bring that money stateside.
“Repatriating the cash would result in significant tax penalties,” Apple Chief Financial Officer Peter Oppenheimer said. “The tax laws currently allow for a significant disincentive. We’ve expressed our views to Congress and the White House.”
However, White House officials are not interested in offering a “repatriation holiday” — a temporary tax break on overseas cash brought back to the U.S. — for corporations to bring overseas funds stateside, according to “FOX Nation.” Reportedly, the Obama Administration specifically chose not to propose a repatriation holiday.