For U.S. Companies, Money ‘Offshore’ Means Manhattan

David Kocieniewski, reporting for The New York Times:

Like some of the nation’s prominent chief executives, Apple’s Timothy D. Cook has a simple proposal to help spur the economy and encourage corporate tax compliance: give American companies a tax break to bring to the United States untaxed profits parked overseas.

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Apple is one of about 20 major corporations that have been pushing for a fresh tax break, known as a “repatriation holiday,” which would allow them to bring the money to the United States at a drastically reduced rate. John T. Chambers, chief executive of Cisco, has led a sustained lobbying effort for such a policy, promising that it would act as a stimulus to encourage investment and increase jobs in the United States.

Chambers may be lobbying for a repatriation holiday, but Cook isn’t. In his testimony on Tuesday, Cook made clear that he would like to see a complete overhaul of the corporate tax code — even if it resulted in Apple having to pay more in taxes — not a repatriation holiday.

Sloppy reporting.

For U.S. Companies, Money ‘Offshore’ Means Manhattan