Apple CEO Says Repatriation Tax Should Be Mandatory Levy
- Cook says tax funds should be spent on U.S. infrastructure
- Apple has $257 billion in cash, most of it sitting overseas
Apple CEO Tim Cook comments on repatriation during an interview with Bloomberg's Emily Chang at the Worldwide Developers Conference in San Jose, California. (Source: Bloomberg)
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Apple Inc. Chief Executive Officer Tim Cook said any new, lower federal tax rate on U.S. companies’ overseas earnings should be mandatory for all companies, and proceeds should be spent on upgrading U.S. infrastructure.
“It should be a required tax," Cook said in an exclusive interview with Bloomberg Television. "And so you’re not asking the people that have had earnings from their international subsidiaries if they’d like to bring back money. You’re saying that, you must pay the government X percent now or over some period of time."