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Report: Apple could save $47B under US tax reform proposal

Apple Inc. could save up to $47 billion if a new U.S. tax proposal is passed, according to calculations by tax experts and London's Financial Times.

Details of the proposed legislation have yet to be finalized, but it suggests taxing foreign earnings at no more than 14.5%, whether they are brought back to the U.S. or not. Under current U.S. laws, Apple would pay 35% corporate tax if it brought home its foreign earnings.

The Senate and House versions of the tax reform differ in treatment of cash and profits overseas, as well as its implementation. The House wants the tax cut to take effect in 2018, while the Senate proposes to delay its implementation until 2019.

Aside from the one-off windfall, the proposed tax reform would reportedly also exclude future overseas profits from U.S taxes.

Currently, Apple has an overseas cash pile worth around $252 billion, topping Microsoft Corp., which holds about $132 billion, according to the report.