Normally I don't post anything related to Mr. Trump, that being said this seemed to warrant it. Apple announced today it will start to repatriate back to America some of the massive profits it accumulated outside the USA – and will use the cash to Make America Great Again.   We’re using the Trump catchphrase because Apple’s action is only possible thanks to the new tax arrangements that the US president campaigned on, namely a one-off discount on repatriating foreign profits. American companies with offshore operations previously faced the odd situation of having to pay tax in jurisdictions they make their money, then pay US taxes at 35 per cent on those profits too. Rather than pay twice, plenty left their cash offshore.

Uncle Sam's beancounters simply labeled those piles of dosh as “deferred” taxes, however, corporations were happy to defer for ages: Apple accumulated over US$250bn offshore, and showed little interest in bringing it home. Then, the Trump-friendly tax reform bill passed late last year offering a one-off discount rate of 15.5 per cent for repatriated profits.