Apple may see up to $47 billion removed from its tax bill if Republicans continue with their current tax reform plan, qualifying it as the biggest beneficiary of the legislation that’s currently working through Congress.
While details of the tax legislation reform are yet to be finalised, Senate and House have converged over the last few days over their treatment of the estimated $1.3 trillion of cash American companies hold offshore. The vast scale of the tax cut has been the focus of discussions, based on calculations by the Financial Times and tax experts.
My take: Sounds about right. Apple, of course, would also benefit from a cut in the corporate tax rate.