Posted on 09/28/2014 6:54:49 PM PDT by Swordmaker
And Apple's CEO voluntarily appeared before that committee under oath and SHOT that idiotic report down with the evidence that Apple paid the taxes on its income where it was earned.
Video of Tim's Cook's full testimony before Congress.
That report claimed, according to one US Senator, that Apple paid no US Income taxes because of the shenanigans with the Irish government. In actual fact, contrary to that report, Apple paid MORE US income taxes than any other corporation in 2012, accounting for one dollar of every forty dollars of business income taxes collected in 2012! So much for the accuracy of that incompetent report. Apple presented its audited US TAX RETURNS in evidence which proved the report false. Apple's effective tax rate in 2012 was approximately 27% of earnings.
The Apple Irish subsidiary holds several things for Apple. It holds Apple’s Intellectual Property and receives the income from licensing and royalties in Ireland. It holds Apple’s after-tax earnings from its world wide operationsexcept for the U.S. after-tax earnings which are held in the United Statesand invests those monies in long and short term securities. The Irish subsidiary reports the earnings and pays income taxes on interest earned, and capital gains, if any, to Ireland. Income taxes on the licensing and royalties, as well as income taxes from Apple products IN Ireland are paid to Ireland. The taxes in Ireland are lower than anywhere else that they can park these holdings while still getting good income.
Apple CEO Tim Cook has stated before Congress that Apple wants to bring these parked monies home to the U.S. but the high cost of repatriation is prohibitive.
If Apple were playing the Double Dutch with an Irish twist game like you think, they could have wound up paying zero income taxes like GE . . . but, they paid 27% of their 2012 earnings in income taxes. QED, they aren’t.
Thanks Dennis.
snicker
I've been wondering when someone would notice my typo. . . I spotted it just after I posted the ping and got a chuckle out of the appropriateness of it. . .
This is thensame crap the pResident tried to pull when burger king was talking aboutmmoving its hq to canada.
and that 2faced warren buffit was set to finance the deal !
Tax avoidance is the patriotic duty of all good citizens !!!
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