Apple is named the biggest corporate tax avoider in the US after booking $218 BILLION

Apple has been named as the biggest corporate tax avoider in the United States after booking $218.55 billion (£171.6 billion) of profit offshore last year.

The tech giant was able to save $65.08 billion (£51.1 billion) that it should have paid in tax thanks to its convoluted arrangements.

The report revealed that last year three quarters of the Fortune 500 companies use subsidiaries in offshore tax havens where they sent a total of $2.42 trillion (£1.9 trillion) of income.

In the US alone this amounted to $715.62 billion (£561.9 billion) in tax which they avoided paying.

The report of said many of the biggest companies in the world use a foreign office to ‘disguise’ their profits as coming from another country even if they are not.

It was published days after Apple announced that it is building a massive new campus in Battersea, South London.

"Apple has been named as the biggest corporate tax avoider in the United States after booking $218.55 billion (£171.6 billion) of profit offshore last year." Good Grief, the economic ignorance is STRONG in this one. Apple did not "book" $218.55 Billion of "profit off shore" last year. Far from it. This reporter does not have the beginning of a clue about business, economics, or practically anything about Finance.

In 2015, Apple's WORLD WIDE REVENUE was $234 billion. The Net PROFIT after taxes— Apple's Effective Tax Rate in 2015 was 26.4%—was only $53.3 BILLION! Approximately 40% of that was earned in the United States and stayed here. Approximately 60% was earned overseas and is banked there, but is taxed HERE in the United States, but will be taxed even more at the rate of 35% if brought home to be invested in the United States!
This year, the ESTIMATED WORLD WIDE REVENUE (sales)—not what has been falsely called profits by the idiot author of this article—is a lower $218 Billion who thinks that ALL of the profits should be TAXED AWAY BY SOMEONE as he claims Apple is evading $65 Billion in taxes by nefariously keeping the money off shore, hidden away from the tax collectors" . . . but the margins are a bit lower this year so since last year, after deducting all the expenses of making all the products, advertising them and paying their employees, fees, regulatory costs, etc., Apple's NET PROFIT was only $53.3 billion, (that's the part that is taxable), the NET PROFIT will also be lower this year, but this idiot thinks that somehow Apple should somehow squeeze $65 billion out of a smaller NET PROFIT this year (my guess is around $50 billion).

However the split between the US and Off-Shore will remain about the same. . . and the American profits will remain in the US and invested HERE, not be sent off-shore. Apple wants to bring the money it has off-shore home, but it can't without being taxed exhorbitantly on money it has already earned and is, essentially Apple's savings. > — PING!

Apple TAX FUD
Ping!

The latest Apple/Mac/iOS Pings can be found by searching Keyword "ApplePingList" on FreeRepublic's Search.

If you want on or off the Mac Ping List, Freepmail me

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.