TYT has learned that the brother of White House Office of Management and Budget Director Mick Mulvaney, an architect of the GOP tax plan, is a portfolio manager for the secretive investment arm of Apple Inc., which under the tax plan stands to gain a bigger windfall than any other company.
Apple CEO Tim Cook speaks at a product-announcement event in Cupertino, California, on October 27, 2016. Photo by Stephen Lam/Getty Images.
Despite Apple’s backing of President Trump’s proposal for corporate tax cuts, both the company’s current investment plans and its past record on job creation show no signs a tax cut would lead to new Apple hiring in the United States.
A $1 billion investment in U.S. manufacturing touted by the company seven months ago has yielded no indication of new jobs or domestic manufacturing. One company that Apple invested in announced shortly afterward that it would build a new factory in China.
Apple, the world’s most valuable company, has more to gain from tax cuts, a key component of the GOP’s Tax Cuts and Jobs Act, than any other company. The proposed tax cuts would reduce the corporate rate on domestic profits to 20 percent. Apple’s effective tax rate last fiscal year was 25.6 percent.
Apple CEO Tim Cook talks to President Donald Trump on June 19, 2017, in Washington, D.C., during the first meeting of Trump’s American Technology Council. Photo by Chip Somodevilla/Getty Images.