Syndicated radio host Rush Limbaugh reports on the news that Apple will be bringing more than $250 billion in overseas earnings back to the U.S. at a special one-time 15% tax rate as a result of the new GOP tax plan.
They plan to open a new campus and hire 20,000 new workers.
"This news has not yet appeared on CNN," Limbaugh said around noon on Thursday, "it has not yet appeared on MSNBC. I don't know if it has shown up on the NYT or Wash Post, but ABC's World News Tonight did a six-minute feature on this [Wednesday] night."
RUSH: Yesterday we broke the news here of Apple, and what they are intending do do directly as a result of tax reform, and Tim Cook the CEO of Apple has admitted that it is because of the tax reform act, that they are repatriating $250 billion. Almost... 2/3 of Apple's business is international... They sell a tremendous amount of product all over the world... And they had $250 billion parked overseas as a result of sales overseas that they were not bringing back to the U.S. over the high corporate tax rate of 35%. Tax reform includes a one-time repatriation rate of 15%.
So Apple has decided to bring back a quarter of a billion dollars, they're going to repatriate almost all of it at a tax rate of 15% instead of 35%. Even at that Apple will be paying $37-38 billion in taxes. Even at a 15% rate on their $250 billion, and they're doing this happily.
Apple is also going to inject $350 billion into the U.S. economy, they're building a new campus somewhere... They're going to be hiring 20,000 American employees, above and beyond the 150,000 employees they have now.
This news has not yet appeared on CNN, it has not yet appeared on MSNBC. I don't know if it has shown up on the NYT or Wash Post, but ABC's World News Tonight did a six-minute feature on this [Wednesday] night, featuring an interview with Tim Cook in Reno where they are breaking ground on a new data center. Why not mention this?
CNN and MSNBC no mention of the records set on Wall Street yesterday or of the decision by Apple to bring billions in cash back to the country... And make no mistake, millennials like that... So why not mention this?
The reason is very simple. CNN and MSNBC are not talking about it because it is all about Trump. It is all because of Donald Trump and the Republican tax cuts. And remember CNN has had guest after guest after guest saying that it can not be proven that cutting the corporation tax rate will give more money to American workers... and yes it has happened and it is happening. We're up to almost 200 companies now extending bonuses. Every employee gets $2,500 of stock options, which at Apple's stock price ain't bad...
And look what's happened in addition to that. here we are lowering the corporate tax rate from 35% to 15% and what is the result? The government is getting $38 billion it didn't have.
CNN and MSNBC and every liberal economist out there will tell us that cutting taxes will never raise money for the government... Well right here, millennials. $250 billion Apple had parked overseas helping nobody but Apple. Trump's one-time repatriation tax rate, not 35% but 15% Apple says Hell Yes we'll bring it back.
Real life. The real world. Has demonstrated once again the folly and the lying that is routing for the Democrat party and the American drive-by media.