Saturday, August 20, 2016

APPLE REFUSES TO PAY US TAXES UNTIL TAX RATE IS “FAIR”

CEO Tim Cook Decides Apple Doesn’t Have to Pay Corporate Tax Rate Because It’s “Unfair”
The Intercept
by Jon Schwarz
Aug 16, 2016

WOULDN’T IT BE great if you could refuse to pay your taxes until you decided your tax rate was “fair”? That is, of course, not the way it works. Unless you’re Apple.

Apple is currently holding $181 billion overseas, largely thanks to arbitrarily deciding that its most valuable intellectual property seems to live exclusively in low tax countries. For instance, at one time Apple’s subsidiaries in Ireland — a country with 4.6 million people — “earned” over one-third of all Apple’s worldwide revenue.

U.S. corporations have by now stashed over $2.1 trillion in profits overseas (including Apple’s $181 billion), thereby starving the U.S. of revenue we could use to repair our collapsing infrastructure. What they want is for Americans to get so desperate that Congress is willing to deeply slash the corporate tax rate for “repatriated” money.