[valuearb]

It’s misleading because it’s far worse than what you describe.

First they pay income tax to the foreign government.

Then out of what’s left the pay state corporate income tax.

Then out of what’s left they pay federal income tax, or the special repatriation tax.

Then the dividend what’s left to shareholders who pay state income taxes on it.

Then out of what’s left they pay federal dividend taxes.

A little old retiree in California is lucky if they don’t lose 60% of their share of their Apple profits to taxes.