Dangit, I keep liking this guy more and more.
Apple has not broken the law.In the eyes of the law as they are written Apple is not dodging taxes.
Why? Why can't we put our money where we want to?But IMO when I see a company with billions in cash sitting off shore it's hard to argue otherwise.
Do you not attempt to reduce your taxes? I know I do and I do it within the confines of the law.Reducing taxes is part of business. Every business does it.
Guilty of what crime?Apple is as equally guilty as GE, Microsoft, Google, Coca-Cola, McDonald's, Starbucks, etc. To put it any other way is just blindness.
Apple & other companies are protecting their money from being taxed to death by our greedy government and they are doing it legally. It is no different than consumers shopping around for the best deal. The Apple Store sells all of Apple's products and yet, a great deal of people will search Craig's List, Angie's List, eBay and the iMore forums looking to buy the same products at a significantly reduced price. Why is that? They want to save their money. It isn't a crime and neither is what Apple is doing. Why do people think that just because someone is wealthy financially, they cannot and should not be careful with their money? When we hear of people who were once rich lose it all, we shake our heads and call them stupid and careless, but when they take steps to maintain their wealth, we accuse them of being stingy and evading taxes.These companies are evading taxes. END OF STORY.
No doubt.Now, as to how to fix this problem. I do not have the answer. It's clear we need an overhaul of the tax code in the US. Corporate profits have soared in the past 40 years.
No. Don't punish me because I make more. Taxing a million dollars at 10% (for argument's sake) is still more than taxing a thousand dollars at the same rate.All the while corporate taxes as a proportion of total tax revenue is flat or down over that same period. How can that be if profits are up? That should mean more taxes paid if they brought in more money (if I make more money I pay more tax)...except all these companies have armies of attorney's and accountants who's job is to reduce their tax load.
Then the next time you do your taxes, skip the part that allows for savings and credits. I wouldn't want anyone to accuse you of being a tax cheat...In the eyes of the law they are not doing any thing wrong. But in my eyes they are tax dodging cheats; all of them.
Tim Cook was not speaking in federal court. There were no judges or jury present. He was speaking a Senate subcommittee hearing which is just a show and nothing more. We are in agreement that dragging CEOs to Washington to parade on TV and harass is useless and dumb. The law that applies here is tax law. But just because these corporations are following the tax law to the letter doesn't mean they are any less of a tax dodger in my eyes. The tax law is full of special interest loop holes, deductions, and all the like that these corporations lobby to get into the code. It's not like congress comes up with these things on their own.
I posted this comment yesterday to the main story on this topic;
"Congress wants the tax rate they feel should be applied to Apple's off shore cash horde. No more no less. This isn't about any policy. Tim Cook could better spend his time tomorrow speaking to a wall. They see budget deficits. Across the street they see one of the most valuable companies in the world. That company happens to be American and have a massive horde of cash. Dragging CEOs to Washington for a tongue lashing looks good on TV to their voters. It makes it appear like they are working for them against the big bad tax evading corporations.
Google is facing the same thing in the UK. Apple won't be the last here in the US. Tomorrow the sun will rise. The next news cycle will begin. Everything will be the same."
Apple just happens to be the one getting single out this time. It could just have easily been Steve Ballmer or Larry Page up there.
Tim Cook was not speaking in federal court. There were no judges or jury present. He was speaking a Senate subcommittee hearing which is just a show and nothing more. We are in agreement that dragging CEOs to Washington to parade on TV and harass is useless and dumb. The law that applies here is tax law. But just because these corporations are following the tax law to the letter doesn't mean they are any less of a tax dodger in my eyes. The tax law is full of special interest loop holes, deductions, and all the like that these corporations lobby to get into the code. It's not like congress comes up with these things on their own.
I posted this comment yesterday to the main story on this topic;
"Congress wants the tax rate they feel should be applied to Apple's off shore cash horde. No more no less. This isn't about any policy. Tim Cook could better spend his time tomorrow speaking to a wall. They see budget deficits. Across the street they see one of the most valuable companies in the world. That company happens to be American and have a massive horde of cash. Dragging CEOs to Washington for a tongue lashing looks good on TV to their voters. It makes it appear like they are working for them against the big bad tax evading corporations.
Google is facing the same thing in the UK. Apple won't be the last here in the US. Tomorrow the sun will rise. The next news cycle will begin. Everything will be the same."
Apple just happens to be the one getting single out this time. It could just have easily been Steve Ballmer or Larry Page up there.
I read somewhere (can't cite the source, and may not even be true, but...) the "billions of dollars sitting offshore" is NOT profit earned in the US, but rather profits earned abroad. Only the US Congress would drag someone in to give an account of why they refuse to "repatriate" money earned overseas back into America where the government can get their greedy, slimy hands on it.
As far as I am concerned, this is a non-issue. If they think Apple broke the law by avoiding taxes, then charge them with a crime and prosecute them. But either way, stop the "dog and pony" show and move along. There’s nothing to see here. (Yeah, greedy politicians are literally a dime/dozen.) If they don’t like the results they get from the laws "they" (and their predecessors) passed, change the law. In the mean time, go pound sand, Mr Congressman and Mr Senator.
...snipped...
Not from my end.There is some misunderstanding here so I'll just try to be as simple as I can.
If what they were doing was illegal, I would definitely call it dodging taxes, but in this sense, however, they are protecting their wealth in compliance with current tax law...1. In my opinion any corporation or person who keeps their money off shore for the sole reason to not have to pay US tax on that money is dodging taxes.
That is my point. If what they are doing in regard to their money is not illegal then don't paint them as criminals or their actions as criminal in nature because they and it are not.2. These companies are not committing crimes according to current US tax law. Laws that are full of special tax breaks, loop holes, and tricks that these companies paid lobbyists large sums of money to have stuffed into the tax code.
No doubt about it...3. Congress is just putting on their usual show for the public. This happens every few months with some industry. Apple just happened to be the one singled out this time. It is a waste of everyone's time.
Tim Cook was not speaking in federal court. There were no judges or jury present. He was speaking a Senate subcommittee hearing which is just a show and nothing more. We are in agreement that dragging CEOs to Washington to parade on TV and harass is useless and dumb. The law that applies here is tax law. But just because these corporations are following the tax law to the letter doesn't mean they are any less of a tax dodger in my eyes. The tax law is full of special interest loop holes, deductions, and all the like that these corporations lobby to get into the code. It's not like congress comes up with these things on their own.
I posted this comment yesterday to the main story on this topic;
"Congress wants the tax rate they feel should be applied to Apple's off shore cash horde. No more no less. This isn't about any policy. Tim Cook could better spend his time tomorrow speaking to a wall. They see budget deficits. Across the street they see one of the most valuable companies in the world. That company happens to be American and have a massive horde of cash. Dragging CEOs to Washington for a tongue lashing looks good on TV to their voters. It makes it appear like they are working for them against the big bad tax evading corporations.
Google is facing the same thing in the UK. Apple won't be the last here in the US. Tomorrow the sun will rise. The next news cycle will begin. Everything will be the same."
Apple just happens to be the one getting single out this time. It could just have easily been Steve Ballmer or Larry Page up there.
(snipped) Despite what they say, I know how best to spend my money!
I don't blame anyone who tries to pay the least amount in taxes. The government is so wasteful when it comes to our money why give them more? I'm self employed and I write off every damn thing I can legally write off. Despite what they say, I know how best to spend my money!
I don't blame anyone who tries to pay the least amount in taxes. The government is so wasteful when it comes to our money why give them more?