Sunday, November 26, 2017

How Apple takes a bite out of all of us by ducking billions in U.S. taxes...

It is difficult to name a company with a better popular image than Apple.

Stockholders love the strength of the company; it annually tops lists for best-run and most profitable, customers line up days or more ahead of time for product releases and distributors, code writers and feeder industries all heap praise on the technical giant. Steve Jobs, long dead, is still revered as a Silicon Valley pioneer.

And yet.

Apple stows a quarter of a trillion dollars a year offshore on the United Kingdom’s Isle of Jersey, where Apple pays no taxes.

That little factoid makes me wonder about corporate behavior, the attack on government-paid social services and those Congressional talks about tax “reform,” a phrase known to the rest of us as tax cuts for corporations and giveaways for the wealthy. It’s a program that a new analysis from the nonpartisan Tax Policy Center says will cost $7 trillion over the next 20 years, with individual taxpayers called on to provide much of the difference. The entire package is expected to cost an estimated $5.6 trillion over the next 20 years—an amount that economists say would be hard to offset through economic growth alone. Full story...

Related posts:
  1. Paradise Papers: Apple's secret tax bolthole revealed...
  2. EU takes Ireland to court over $15bn Apple back taxes...
  3. The entire Irish political establishment colluded with Apple in...
  4. Apple, the multibillion-dollar tax cheat...
  5. Apple and Ireland: partners in crime...
  6. The woman who took on Apple...
  7. EU hits Apple with $14.6 billion tax bill...
  8. Apple dodges all taxes in the UK ... again!
  9. Apple sold $4.2 billion of product in New Zealand, paid $0 local taxes...

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