Posted on 10/17/2024 9:38:42 AM PDT by DFG
In an interview with Patrick Bet-David, former President Donald Trump claimed that Apple’s CEO Tim Cook personally reached out to seek his assistance amid Apple’s financial battles in the European Union, specifically following the imposition of a massive €13 billion (approx. $14.4 billion) tax penalty by the EU, which was later increased with an additional €2 billion fine.
This regulatory pressure from Europe has hit Apple and other American tech firms hard, prompting Cook to seek the former president’s advice, not Kamala.
Apple’s woes stem from a longstanding legal battle with the European Commission, which accused the tech giant of benefiting from unlawful tax breaks provided by Ireland.
The European Court of Justice recently upheld the EU’s decision to recover 13 billion euros in unpaid taxes from Apple, reversing an earlier ruling that had sided with the company.
“Tim Cook called me up directly, and he did it himself,” Trump said.
“He didn’t have to pay 10 cents, and I gave him 100% of what he wanted because he was right. I mean, you can’t compete with Samsung if one’s paying a tax. But I said, “You’ve got to gradually move your company here.”
According to Trump, the recent EU fines are a blatant attempt to exploit American companies to finance European projects.
(Excerpt) Read more at thegatewaypundit.com ...
They and others moved out because Democrat taxation and regulation became punitive. Just because the EU is now more punitive doesn't mean the USA is the optimal place to go.
It's going to take serious Congressional action to improve America's competitiveness - and deafness to a lot of squawking from union bosses and other looters who have benefited from the collectivist agenda.
I wonder how Apple and Tim have been contributing. Also, what kind of news does Apple put in front of their users?
The DESPERATE EU is searching for more OTHER-PEOPLE’S-MONEY.
A friend of mine once suggested we pull all of our bases out European. I am not sure this would be such a good idea though.
Hey Elon, just pull all your tech and businesses from Europe. And I mean ALL. Relocate your people if they want to keep their jobs.
Ooopd, I meant Cook. But Elon is facing the same garbage. He should do the same.
WIKI
On 10 September 2024 the European Court of Justice set aside the judgment of the lower General Court, which previously overturned the Commission’s decision, by reasoning that it contained legal errors. The Court of Justice stated: “[ECJ] gives final judgment in the matter and confirms the European Commission’s 2016 decision: Ireland granted Apple unlawful aid which Ireland is required to recover”. The European Commission found that corporate tax rates as low as 0.005% paid by the tech giant represented an unlawful subsidy. Specifically because other companies were not permitted to obtain the same tax arrangements. As a consequence Apple must pay €13 billion, excluding interest, to the Irish Treasury.
Member States cannot give tax benefits to selected companies – this is illegal under EU state aid rules.
The recovery order for €13 billion was an estimate subject to final ASI accounts. It covers the period 2004 to 2014 inclusive, as the commission is permitted to order a full recovery within a 10-year period from the start of an investigation....Apple will also owe interest penalties at the Irish Revenue penalty rate (was 8% in 2016), which would total circa €6 billion, giving a total recovery order of circa €20 billion.
It is specifically prohibited under Ireland’s own corporation tax code (Section 291A(c) of the Irish Taxes and Consolation Act 1997) to use the CAIA BEPS scheme for reasons that are not “commercial bona fide reasons” and in particular for schemes where the main purpose is “... the avoidance of, or reduction in, liability to tax”
https://en.wikipedia.org/wiki/Apple‘s_EU_tax_dispute
In my non-lawyer opinion, the EU is legally correct.
Trump removed so many overly intrusive and unnecessary regulations. Biden and Harris, on the other hand, have added thousands and thousands of pages of new regulations.
From the small amounts of Apple News I have read, Apple is on the Kamala Team. Tim Cook needs to fix this is he wants DJT to help him after the election.
If G**gle isn't Da Debil, they're close enough to fill in for him until he gets here.
Except Apple wouldn’t be there without the tax break and now Ireland stands to profit on something they did not even ask for.
Its a bait and switch.
The EU’s pursuit of Ireland’s tax arrangement with Apple has riled the US Treasury which last week accused the Commission of being close to becoming a “spura-national tax authority” by overriding the tax agreements of its member states.
Apple’s case is not being held in isolation. Amazon and McDonald’s, both of which have their European bases in Luxembourg, are also being investigated by the Commission, while Dutch authorities have been ordered to recover up to €30 million in taxes from Starbucks.
https://www.thegatewaypundit.com/2024/10/tim-ive-got-get-elected-first-apple-ceo/
When I read about this, at the time it was set up, the area where the Apple facility was located suffered from high unemployment and the government wanted to give incentives to Apple to add jobs in the local area. The area was well off the beaten path and without tax incentives no company would locate a facility there.
In my non-lawyer opinion this was, and still is, a bona fide reason for the tax break. It happens all the time in the US and politicians take great credit for bringing major companies into their state or local area.
Plus, Apple cannot and did not change the local tax laws -- the government of Ireland did. If anyone needs to pay the EU the missing taxes, it should be the Irish Government. After all, Ireland got to tax the increased incomes of all the employees for all those many years, and it reduced their welfare roles. Apple bore higher costs of doing business due to lack of infrastructure and would never have located where they did without the tax incentives. If the EU makes Apple pay the missing taxes Apple is being penalized for bringing jobs to a depressed area. This may benefit the EU short-term, but it will be a cold day in hell before any major corporation believes a promise from any EU country.
Trump should lobby the EU to increase the fine on Apple. Big Tech is and has acted like, the enemy. Hurt them any way you can.
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