Daily Rewind: Money, money, money
💰🤑 Wish you had $464 billion in cash? Clearly you’re not Apple, Google and Microsoft. The world’s tech giants are sitting on a mountain of money — and Uncle Sam can’t tax most of it, according to a report by Moody’s. Here are the details:
- Apple alone is sitting on a whopping quarter-trillion dollars of cash. That’s enough money to buy Netflix three times.
- All told, non-financial U.S. companies studied by Moody’s hoarded $1.84 trillion in cash at the end of 2016. About 70% of that is stashed overseas where it can’t be taxed or reinvested in U.S. jobs or markets.
- The Trump administration has proposed a one-time tax holiday to encourage companies to bring that cash home.
Other important news to know:
Repealing Obamacare without replacing it would leave 32 million people uninsured by 2026. That’s according to the non-partisan Congressional Budget Office. Senate Majority Leader Mitch McConnell plans to hold a repeal-only vote despite a lack of Senate support. McConnell arrived at that plan B … or C … or Q … or whatever letter we’re up to … after the Senate’s revised bill failed to score enough votes. President Trump said today he prefers a bill that both repeals and replaces Obamacare. It’s a change from Trump’s message yesterday, when he said his plan was to do nothing and “let Obamacare fail.” Read more from CNNMoney’s Tami Luhby.
Check these stories out:
*People are furious about this Audi ad comparing women to used cars (CNN)
*Chipotle is reopening a Virginia restaurant after customers fell ill (HuffPost)
That’s all for today. We’ll see you back here tomorrow!
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