Tech Companies Aren’t Waiting for Tax Changes to Reward Shareholders [Bloomberg Business News]
Apple Inc. (AAPL)
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Source: Bloomberg Business News
A U.S. tax overhaul may happen this year, but some of America’s largest technology companies aren’t banking on it. Apple Inc. and Oracle Corp. , two S&P 500 companies with some of the most cash overseas, are tapping bond markets to reward shareholders with stock buybacks and dividends even as House Republicans consider a tax proposal designed to bring that money back home. According to the plan, companies would be charged up to a 12 percent tax on the overseas profit, compared with the 35 percent they would pay if they brought that money back home now. House Republicans are aiming to enact the new tax laws by year-end, but companies haven’t shied away from the debt markets in the meantime. Investment-grade tech companies are ramping up their issuance and buying back debt, showing how companies are taking charge of their balance sheets now instead of waiting for legislation to come through, said Dorian Garay, a money manager in New York at NN Inv
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