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Apple Is Paying Almost No Taxes On The $102 Billion It Has Stashed Offshore: Report


Business  (tags: ethics, abuse, corporate, dishonesty, government, money )

Beverly
- 462 days ago - huffingtonpost.com
Just one day before Apple's CEO Tim Cook is expected to argue for corporate tax reform on Capitol Hill, a new report claims that the company is avoiding paying taxes on billions of dollars in profits.



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Comments

Beverly M. (85)
Tuesday May 21, 2013, 1:00 am
The U.S.-based software giant is parking $102 billion in overseas tax havens, allowing the company to pay a near zero global tax rate on that money, according to a new report from the left-leaning think tank, Citizens for Tax Justice.

On Tuesday, Cook is expected to testify on behalf of Apple as part of a Senate committee hearing targeting companies that move money overseas in an aim to lower their tax bills. Cook told the Washington Post last week that he plans to ask Congress to lower the corporate tax rate on overseas profits companies bring back home. Large U.S.-based multinational companies currently have $1.9 trillion stashed offshore.

Apple will tell the Senate that it doesn't use "gimmicks" to avoid paying taxes, like moving intellectual property to tax havens.

Apple's 10-K filed with the Securities and Exchange Commission indicates that the company would pay a U.S. tax rate of 34.5 percent if it brought its offshore profits back to the U.S., CTJ found. Because the U.S. tax code gives companies credit for paying taxes abroad, this 34.5 percent figure is proof that Apple is not paying very much in taxes to other countries, according to CTJ.

Apple didn’t immediately respond to The Huffington Post's voicemail and email messages.

Apple in one of a number of companies that have argued that the current tax system disincentivizes corporations from bringing their profits back to the U.S. and investing them here. In 2004, Congress tested offering companies a tax holiday on offshore profits they bring back to the U.S., but the experiment did little to create jobs, according to a Treasury Department analysis.

Keeping the current tax system in place, which allows companies to defer taxes on offshore profits, would cost the U.S. $590 billion over the next 10 years, Damon Silvers, policy director and special counsel at the AFL-CIO, told reporters on a press call Monday.

“That single item is practically as large as the total amount President Obama has asked that the congress agree to in revenue increases,” Silvers said on the call.
 

paul m. (93)
Tuesday May 21, 2013, 1:13 am

Noted
 

Past Member (0)
Tuesday May 21, 2013, 1:15 am
Thanks
 

mag.w.d. Aichberger (34)
Tuesday May 21, 2013, 1:17 am
> Apple Is Paying Almost No Taxes
err, of course, what else? Who would be so naive as to expect any --and especially those in "new tekk"-- corpoRAT to contribute to the public good ? Why should they, how could they even ? That's not what they were constructed for.

see also
Noam Chomsky on Government, Silicon Valley and the Internet: Interview
" Since the IN is publicly created, it ought to be publicly controlled. " -- NC, ibid.
 

Beverly M. (85)
Tuesday May 21, 2013, 1:51 am
I know it's no surprise, but I believe every one of these companies who make their billions off honest taxpayers should be exposed. They don't pay their share while we pay ours in addition to buying their products. I don't own any Apple products myself but I know plenty of people who do.
 

Stephanie Reap (192)
Tuesday May 21, 2013, 7:03 am
noted
 

Alan Lambert (89)
Tuesday May 21, 2013, 8:01 am
They'll pay taxes on the money if/when they bring it back in to the US. That's how the tax laws work.

In other words, badly.
 

Scott J. (0)
Tuesday May 21, 2013, 8:24 am
Another example of corporate greed.
 

Allan Yorkowitz (453)
Tuesday May 21, 2013, 11:15 am
Long story short..Apple wins, we lose.
 

Kenny V. (1500)
Tuesday May 21, 2013, 11:22 am
noted thanks for sharing
 

. (0)
Tuesday May 21, 2013, 11:23 am
This is happening far too often, those responsible for evading tax must be held responsible, this should apply no matter who it is, CEO are not above the Law and should be held responsible for the actions of the companies they control, after all that is what they get paid all that money for!
 

Jamie Clemons (280)
Tuesday May 21, 2013, 1:22 pm
Think Apple is different from the other money grubbers? Guess again.
 

Katie K. (70)
Tuesday May 21, 2013, 1:39 pm
Lifestyles of the rich and crooked. Here is what is wrong with this country. I pay my taxes and these greedy SOB's got more money than they could live the same opulent lifestyles over a 100 times so I say go live where your money is hidden. If we (normal folk) don't pay our taxes or even on time they hunt you down and pile on the penalties. Who decided these A-holes are better than me?
 

Janet R. (34)
Tuesday May 21, 2013, 2:32 pm
All companies should pay their fair share as we know it is complete nonsense that if they don't, they won't create jobs here in America. They already don't create jobs in America. Things would be less crazy if people didn't have stock in these companies because they only care about the shareholder.
 

Birgit W. (144)
Tuesday May 21, 2013, 2:33 pm
Thanks.
 

Charlie Rush (53)
Tuesday May 21, 2013, 3:16 pm
This is SHOCKING, just SHOCKING!

Can't we all just wait to hear again, the Republicans talk about how the poor take advantage of the system? If anyone truly, takes advantage of the system, it's the wealthy. They have been doing it for a very long time and we are only hearing about it, due to the access of the 'information age'.
The tax laws were written for them, by them.
What legislator have you ever heard about that left the political system, without a significantly, larger amount of money, than what they had going in? They write the laws to suit themselves, and we permit them to do it, by voting them back into office. They, personally, become sufficiently more important than the job they are there to perform.

My only question is, why are we so DUMB?
 

Rose NoFWDSPLZ (273)
Tuesday May 21, 2013, 4:23 pm
Greedy Bastards
 

Fred Krohn (34)
Tuesday May 21, 2013, 5:16 pm
This occurs because Government has become too greedy and overtaxes productive citizens. Knock the tax rates down to reasonable levels and prune off nonproductive government cancers like FEMA, BATFE, DEA, TSA/DHS, and the Federal Reserve, and individuals and corporations won't have to hide their resources!
 

Jude Hand (59)
Tuesday May 21, 2013, 6:31 pm
Noted. Remember, some of you older folks, how "cool" Apple was when it first came out? And they've made a lot of interesting strides over the years. But when they show themselves to be another business that evades paying taxes, I'm not inclined tot think that they're cool at all. Bummer, Apple.
 

Jaime A. (32)
Wednesday May 22, 2013, 12:46 am
Noted.!!
 

paul m. (93)
Wednesday May 22, 2013, 2:12 am

Noted
 

paul m. (93)
Wednesday May 22, 2013, 2:13 am

Noted
 

Alice C. (1797)
Wednesday May 22, 2013, 6:29 am
GE did the same thing.
 

Jo S. (492)
Wednesday May 22, 2013, 11:08 am
This just makes me even more disgusted everytime a hear another story like this! We are scraping the bottom of the barrel to make ends meet in this economy, while these bastards are allowed to take advantage of every loop hole there is. They have to get them on something, this all can't be legit! I haven't had a raise in 7 years, I'm told I'm lucky to have a job. Is this what you call FAIR! I don't. I feel like moving ou of this damned country! I am PISSSSSSSSSSED! Someone get these thieve's!
Thanks Beverly.
Noited & shared
 

Melania Padilla (178)
Wednesday May 22, 2013, 12:50 pm
Not surprised.... Another huge corporation doing this... Shame.
 

Paulett Simunich (0)
Wednesday May 22, 2013, 5:09 pm
Charlene Rush,,,,,you grabbed my attention from the first word.......You are sooooo right!!!!!!! I,too, can hardly wait to hear what will be said........Feel like saying....."Caught'ya".
 

Leann Wells Huber (0)
Wednesday May 22, 2013, 5:59 pm
For companies who can most afford to pay taxes, for them to find ways to keep from paying taxes, seems really negligent to me. We need to close some HUGE loopholes so the corporations can be responsible for their share! I'll bet the economy would improve that much better, and we could pay down our national debt faster.
 

Jeremy S. (2)
Wednesday May 22, 2013, 6:21 pm
Apple needs to either pay up or shut down! I'm sure I offemded a good number of iPhone fanatics there, but it's a simple thing: a person who doesn't pay taxes is put in jail. Why is Apple treated differently? I can't imagine it doesn't have the money...
 

John De Avalon (35)
Monday May 27, 2013, 11:08 am
Nobody likes paying taxes, but big companies like this have a moral and social responsibility to pay their fair share.
 

Sergio Padilla (62)
Wednesday June 5, 2013, 12:10 pm
Noted
 
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