Note that while tax reform has broad support from both parties, the exact details of those reforms are fairly divisive.

Outside of the financial sector, they're now one of the world's largest corporate carriers of debt at $69.3 billion. At the pace they're picking up debt, they'll hit $100+ billion in debt in two years, while their annual profit and stock price declines simultaneously (upsetting investors, increasing pressure for greater dividends). Given their position in the smartphone market is in no way guaranteed or a monopoly, it's an extremely dangerous position they're putting themselves into.

Apple would accept a 5% penalty on their pile of cash any day of the week to repatriate it. Their financial situation in the very near future will become such that they start to get threatened with credit downgrades as the debt piles up and their growth keeps going backwards or otherwise stagnates. What they're doing can't continue for more than a few more years before it causes serious problems.

Umm, what? That is nowhere close to a dangerous amount of debt. They're issuing debt because rates are so low that it is advantageous to do so. Free cash flow can easily take care of all their expenses (including dividend).