Fortune is reporting that Apple is one of many major multinational corporations that are banding together to lobby the U.S. government for a one-year "tax holiday" on foreign cash that is repatriated back to the country.
At the present time, repatriated cash is taxed at a 35% rate. The companies, which include Cisco, Duke Energy, and Pfizer and many others in addition to Apple, are looking for a one-year window in which the rate would drop to 5%. Cisco CEO John Chambers has advocated the idea for years, saying that allowing the cash to be repatriated at a lower rate would stimulate investment in the U.S. and allow shareholders to reap the rewards of their investments in the form of higher divide
