WASHINGTON (AP) -- Apple Inc. employs a group of affiliate companies located outside the United States to avoid paying billions of dollars in U.S. income taxes, a Senate investigation has found.
The world's most valuable company is holding overseas some $102 billion of its $145 billion in cash, and an Irish subsidiary that earned $22 billion in 2011 paid only $10 million in taxes, according to the report issued Monday by the Senate Permanent Subcommittee on Investigations.
The strategies Apple uses are legal, and many other multinational corporations use similar tax techniques to avoid paying U.S. income taxes on profits they reap overseas. But Apple uses a unique twist, the report found. The company's tactics raise questions about loopholes in the U.S. tax code, lawmakers say.
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8 comments:
If they would close the loop holes for these business's and they had to pay their taxes most of us wouldn't be having our taxes raised all the time. If regular people his money like this we would all be in jail. So yeah let's give some more breaks to big business.
Actually, Apple wasn't in the wrong, the committee had a dog and pony show, absent of any accusations of wrongdoing, because Apple hasn't done anything wrong. 100% of Apple's US sales are taxed accordingly. The robber barons in DC are just money hungry and will attempt to feast on anything or anyone.
I commend Tim Cook's comments on the obscene repatriation tax policy of our country. It's backward thinking like that which got us into the mess we are in today. US companies are holding 2+ trillion(of foreign profits) abroad, and investing abroad, because of these onerous tax policies that do nothing but hold back business activity here at home.
The prudent thing to do would be to get rid of these types of taxes-a real economic stimulus.
The companies aren't really paying them per se but we the consumers are with higher prices on goods and services.
Its not a crime because Congress made SURE it wasn't. Why? Bribes. Of course, they call them "campaign contributions" so they don't feel so slimy. What is 10 million dollars to Apple, or Microsoft, or GE, or other mega-firms when the RETURN on that "investment" is often hundreds of millions? Its hard to even say the word "Senator" or "Reprsentative" without some puke creeping up my esophagus. Next to profiting from insider information, bribes are the greatest benefit of being in Congress. Why do you think they spend 10-20 million dollars of their own money to get a job that pays less than $200,000?? Its like a secretary paying a firm a million dollars to get the $35,000 a year admin assistant job. Makes sense, right? They are ALL -- don't kid yourself by thinking YOUR guy is squeaky clean, either -- slimy thieves, gorging themselves at the public and private trough, laughing at "voters", and slapping each other on the back in spasms of hilarity at your stupidity. Keep cheering....
hey, APPLE pays more BUSINESS tax than ANY other corporation in the US. 6 billion LAST YEAR.
what did GE pay?????? OBAMA's buddies, NOT A SINGLE DIME. so stop whining about apple. you frenchy communist wannabe's.
Got some (tres bon) Apple stock, huh?
914-Apple paid 100% of their taxes.
If you'd actually watched the hearing, the Senators were interested in increasing taxes on profits coming from other countries, since they thought those weren't high enough. LOL. The USA doesn't realize that for the last 25 years there has been a world wide competition as it relates to lowering of taxes, in order to entice more business. The USA? Raising taxes. Think about NAFTA for example, Canada just lowered their corporate tax rate to 15%. The USA has a corporate tax rate of 35%. Where would you go? Simple if you don't listen to the know-nothings in DC.
I'm FOR Apple. I don't pay any more taxes than is legally required. Only a fool would see it any other way.
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