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# Obama and Congress Have Plans to Get Apple’s Offshore Money

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<!-- video src="https://cdn.jwplayer.com/manifests/oMbR416H.m3u8" -->
## Video: Obama and Congress Have Plans to Get Apple’s Offshore Money

[Watch (HLS stream): Obama and Congress Have Plans to Get Apple’s Offshore Money](https://cdn.jwplayer.com/manifests/oMbR416H.m3u8) (1:58)

![Obama and Congress Have Plans to Get Apple’s Offshore Money](https://cdn.jwplayer.com/v2/media/oMbR416H/poster.jpg?width=720)

_Published 2015-02-02. Apple has stored a fortune in overseas accounts – more than $158 billion to be exact — and President Obama as well as Congress has plans to that money._


---

Jul 27, 2023 5:51 PM UTC

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## Transcript

With what is sure to be a [ UNKNOWN ] session in congress on the horizon, on battle between President Obama, congress and the most profitable tech company on the planet is slowly taking shape. On Monday President Obama announced his budget. Proposal for the Republican controlled Congress to consider. So we can afford to make these investments while remaining fiscally responsible. One of the main components of the proposal is that US based companies pay a minimum 19 % tax on their future foreign earnings. The proposal also says Obama hopes to issue a one time mandatory 14 % tax. On $ 2 trillion worth of stockpiled off shore profits.

Why does this matter to Apple? Well, the Cupertino based company has stored a fortune in overseas accounts. More than $ 158 billion to be exact. And this gigantic sum of money being held overseas has been questioned by Congress before. We are proud to be an American company and equally proud of our contributions to the US economy. Back in 2013, Apple CEO Tim Cook testified in front of a Senate subcommittee. About what was then $ 100 billion in foreign earnings. And one of the senators that spoke up in favor of Apple during that hearing is seemingly trying to throw them another bone. Republican Kentucky Senator Rand Paul and Democratic California Senator Barbara Boxer will be introducing the Invest in Transportation Act on the hill this session.

The bill, much like Obama's proposal, is designed to fund highway road and bridge repairs. And would charge American companies, like Apple, a 6. 5 % tax to bring overseas earnings home. The current rate for that trip is a much higher 35 %. Fortune writes, the bill is a longshot, but possible. The bill just might fly, because 65, 000 U. S. bridges and half the nation's roads are in disrepair. And the alternative it to raise taxes on the rest of us. The one thing that is clear is that Congress has to do something to fund the Highway Trust Fund. It's scheduled to run out of money in May.

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