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Today Bloomberg Businessweek published an article titled “Apple Avoids $9.2 Billion in Taxes With Debt Deal.”
The article’s author Peter Burrows writes:
Apple Inc. (AAPL) avoided as much as $9.2 billion in taxes by financing part of a $55 billion stock buyback with debt rather than offshore cash that would have been billed by the U.S. government, Moody’s Investment Services estimates.
Based on current rates, Apple will pay interest of about $308 million a year on the $17 billion bond offering, said Gerald Granovsky, a senior vice president at Moody’s.
“From a pure corporate-finance theory perspective, this was a no-brainer,” Granovsky said.
If the funds had come from Apple’s offshore cash pile of about $100 billion, the Cupertino, California-based iPhone maker would have had to pay a 35 percent tax to repatriate the money, Granovsky said. That means Apple avoided about $9.2 billion in taxes. And since interest payments are tax-deductible, that’s another $100 million a year, Granovsky said.
Today The Associated Press published an article titled “Obama: US-Mexico stereotypes must be broken.”
The article’s author Jim Kuhnhenn writes:
Calling for an end to “old stereotypes,” President Barack Obama on Friday portrayed Mexico as an emerging nation that is remaking itself and said the U.S.-Mexico relationship should be defined by shared prosperity, not by threats that both countries face. “It’s time to recognize new realities,” he declared.
In a speech to a predominantly student audience, Obama conceded that the root of much violence in Mexico is the demand for drugs in the United States, and acknowledged that most guns used to commit crime in this country come from the U.S. But he said an improving economy is changing Mexico and improving its middle class.
IN OTHER NEWS
Yesterday Think Progress published an article titled “Minnesota Senate Approves Expansive Tuition Aid For Undocumented Students.”
The article’s author Aviva Shen writes:
A plan to open in-state tuition, financial aid, and private scholarships to undocumented students cleared the Minnesota Senate on Wednesday. If the measure passes the House, Minnesota would become one of the most hospitable states for undocumented college students in the country.
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