The President met with a dozen CEOs last week to talk about the so-called fiscal cliff, and he reached out to four more over the weekend, including Cook.
The White House did not disclose the subject of their chat, but it's not hard to guess.
During his re-election campaign, Obama talked a lot about closing tax loopholes that reward U.S. companies for exporting jobs.
Apple, which has shipped almost all its manufacturing work to Asia, has lobbied heavily for a tax holiday that would allow it to "repatriate" some the cash it has accumulated overseas -- i.e. spend it in the U.S without having to pay federal taxes on it.
How big an issue is that for Apple?
Well, according to the Form 10-K the company filed with the SEC last month, of the record $121.3 billion in cash and marketable securities it has accumulated, $82.6 billion is parked overseas.
Apple pays extraordinarily low tax rates on its foreign earnings -- $713 million in 2012 at an effective rate of less than 2%.
This compares to the $13.3 billion Apple paid in state and federal taxes in the U.S. in 2012, where the federal tax rate is 35%.
The discrepancy between 2% and 35% is what you might call a loophole. When it gets closed -- and how it gets closed -- is something the President and Tim Cook might want to talk about.
The CEO of solar developer Recurrent Energy argues there are three things the president can do to unlock a new wave of job growth.
By Arno Harris
FORTUNE -- The White House announced that President Obama will address the nation on jobs after Labor Day. I have a suggestion for where the President could find part of the answer: by setting loose the 30-gigawatt (GW) buildup of U.S. solar projects bogged down MOREAug 24, 2011 7:52 AM ET
The President may carry a BlackBerry on his belt, but he does his demos on a Mac
Here's a nifty piece of product placement for Apple (AAPL): Barack Obama doing a demonstration of healthcare.gov on a MacBook Pro with the Presidential Seal where the glowing Apple logo used to be.
The video, released Wednesday at WebMD, is pasted below the fold.
There were reports when Obama first took office that his campaign staff, MOREPhilip Elmer-DeWitt - Jul 29, 2010 4:54 AM ET
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