Article today in the Wall Street Journal: http://www.wsj.com/articles/obama-proposes-one-time-14-tax-on-overseas-earnings-1422802103 14% tax on Apple's earning currently overseas. 19% of future overseas earnings. No further tax on bringing the money back to the U.S. Note that Apple currently owes more (in bonds) than it has in U.S. based cash and equivalents, but has over $100B in cash-equivalents held overseas. 14% of that is a huge tax bill!