Apple Should Pay Its Tax Bill
by Michael Nau
As an Apple (AAPL) shareholder, am sick of my company dodging the tax man. At the end of last quarter, AAPL had $137.1B in cash and equivalents, up $15.9B from the prior quarter. $94.2B of that cash is held abroad in order to avoid paying taxes. This is the most rapidly growing portion of the balance sheet, increasing by $11.6B from September to December. While this accounting switcheroo makes the company look better in the short run by lowering the effective tax rate and increasing earnings, this mountain of cash is extremely capital inefficient. In this article, I will argue that in its obsession with avoiding taxes, AAPL is neglecting its duty to maximize shareholder value. read more »
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