Re: Err... Worstall missed the plot (as usual)
Unless at some point Apple starts to make a loss. Difficult to imagine now, perhaps with that amount of cash lying around never going to happen but the same argument applies to other less financially well endowed companies.
In this case the cash in the bank may be used to offset the losses. Because the company is now making a loss the share price drops and the cash that should have been taxed starts to disappear.