Posted on 08/30/2016 10:15:29 AM PDT by plain talk
Apple has already threatened to cut jobs in Europe after Brussels ordered it to repay £11billion ($14.5billion) - the biggest tax bill ever imposed outside the US. The European Commission's three-year investigation into Apple's sweetheart deal with Ireland has found it amounted to illegal state aid. Its damning report published today says the tech giant paid as little as 0.005 per cent tax by funnelling its non-US profits through its Irish headquarters with no staff or premises then on to its $178billion (£120bn) offshore fund.
(Excerpt) Read more at dailymail.co.uk ...
Pure Tax Avoidance.
Money that could have been used in the USA! Go Trump!
When Trump makes President, he should clean Apples clock.
Trump says he’ll give them one simple door to enter and pay some kind of tax. It won’t be the 35-percent that currently is on the books. But he hasn’t said the number he’ll seek.
Personally, I’d reset the value to 20-percent and give all of these idiots 12-months to take advantage of this before it goes to 25-percent.
“Personally, I’d reset the value to 20-percent “
By executive order or by executive directive circumventing congress and the IRS?
Apple is totally in cahoots with the DC insiders (and others) to play tax avoidance games.
The instructions are for 35% - i.e. https://www.irs.gov/irm/part3/irm_03-012-016r-cont02.html#d0e11486
But they pay nothing near this amount - i.e.
http://finance.yahoo.com/quote/AAPL/financials?p=AAPL
The IRS could collect a trillion dollars plus more in a decade that is instead going to overseas tax avoidance schemes if Congress would simply affirm that corporations doing 100M+ revenues or 10M+ profits globally are at least 95% as profit efficient in the USA as they are in the entire world.
“By executive order or by executive directive circumventing congress and the IRS?”
Congress wrote the law giving the President the authority to make such numbers out of thin air. Go see your congress critters if you don’t like it.
...and enslave the rest of us.
Didn’t donate enough to Cilnin Foundation
Want to fix it? Reduce Corporate Taxes to the same rate or below that of the rest of the G8 and watch what happens. It'll be hard to stop the influx of capital into this country, it'll be a tsunami.
There is a good case to be made that the corporate tax rate should be zero in any event. Certainly a law should be passed making dividends tax-deductible to the corporation - just let the recipient of the dividend pay tax on it. Pass that law, and the repatriation of foreign profits could proceed apace.
It looks like it’s time for Ireland to leave the EU and the Euro.
Any why shouldn’t they avoid taxes?
Corporations should pay zero taxes.
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