The Trump administration’s proposal to lower the corporate tax rate to 15% has revived hopes that big U.S. companies will soon be motivated to bring back massive overseas cash piles.
While the administration has not yet determined a rate at which those funds could be repatriated, Trump’s proposal unveiled Wednesday promises a “one-time tax on trillions of dollars held overseas.”
U.S. companies had about $1.3 trillion in cash held in overseas accounts at the end of 2016, according to Moody’s Investors Service.
The following are the five companies with the biggest sums sitting overseas:
Apple Inc. AAPL, -0.59% has the most cash overseas of any U.S. company at about $230 billion, according to Moody’s Investors Service. Apple Chief Executive Tim Cook has said he would be willing to bring that money home if it were not subject to the current U.S. corporate tax rate of about 35%. The company has repeatedly borrowed in the capital markets to fund multibillion-dollar returns to shareholders. With interest rates at historically low levels, the company deemed it preferable to add debt to its balance sheet rather than incur a large tax bill.
Microsoft Corp. MSFT, -0.13% has the second-biggest cash pile at $113 billion, according to Moody’s.
Cisco Systems Inc. CSCO, -0.06% owns the third spot with $62 billion in overseas cash.
Google parent Alphabet Inc. GOOG, -0.07% GOOGL, +0.03% takes fourth place with $49 billion.
Oracle Corp. ORCL, -0.07% rounds out the top five with its $52 billion.