Sen. Levin never misses a chance to obfuscate the situation for political gain, does he?

"can already make a wide range of investments on a tax-free basis, but cannot purchase their own corporate stock or invest in their own businesses, such as by building a new plant. Foreign earnings used for those purposes would instead be treated as repatriated and subject to normal corporate tax rates."

Apple can take the accumulated profits it stores in Apple Ireland that is currently invested in Irish/european banks, and invest it in US banks. And it probably does.

But it can't pay dividends with that money to shareholders, or it will be hit with 40%+ income tax rates (CA+US) on it.

And it can't invest it directly in Apple US to build a campus or R&D center, or factory, without paying 40%+ income tax rates.