Apple is one of America´s most profitable companies. And it pays a substantial income tax bill to the U.S. government -- by its own account, $6 billion in 2012 and an estimated $7 billion this year. But many tax experts and lawmakers say Apple´s tax bill should be bigger. A lot bigger. The concern is that Apple (Snip), while complying with U.S. laws, is nevertheless taking advantage of loopholes in the tax code to shift a substantial amount of income to offshore subsidiaries in low-tax countries. The result is billions of dollars in profits every year that go untaxed.
Comments: As the Wall Street Journal editors report in an editorial posted down the page, Apple has done nothing illegal. For all of his frenzied digging, Carl Levin has turned up nothing.
Some members of Congress are cross that corporations are taking advantage of the tax laws that congress themselves created to lower their taxes. If they are so disturbed then repeal the laws and start over.
Scenario 1 - Apple uses the tax laws as they exist today worldwide to maximize profits. With these profits, Apple pays shareholders, invests in research and development, and pays it legal tax obligations in the countries it does business.
Scenario 2 - The United States government confiscates Apple´s profits through excessive taxation. Apple reduces investment in R&D, shareholders make less on their investments, people are laid off as Apple seeks to increase profit by reducing capital costs. Government wastes billions of the taxes it confiscated from Apple, producing nothing. It pays bonuses to government employees, for what reason I know not since government employees do nothing to produce a profit.
Reply 8 - Posted by:
Country Boy, 5/22/2013 7:57:22 AM (No. 9339177)
Agree with all the above, especially #7. Congress keeps this cr*p up, it will happen.
Early 1990´s they had MSFT in the crosshairs, some BS story about a "monopoly" (that never happened). It was Bill Clinton Justice Department. The suit died when rumors circulated that MSFT was going to move from headquarters in Redmond, WA to Vancouver, which is not in the U.S.
I would rather Apple keep the money, invest it, and create jobs than give it to Carl Levin and Obama and the rest of the corrupt democrat politicians. How many innovations and jobs has Carl Levin ever created? How much wealth has Carl Levin ever created to be taxed?
If Apple did not take advantage of every tax law applicable to maximize their profit, they would be acting in a manner inconsistent with proper business practices and not in the best interest of it´s shareholders.
IMHO The Apple CEO should have said Let´s have a show of hands, How many of you in congress, in your business or personal taxes, pay more than the law requires? Let the record show nobody raised their hand. Now excuse me I have to go actually produce something.
To our esteemed Senator Levin, please read and heed the following you dinosaur: "while complying with U.S. laws, is nevertheless taking advantage of loopholes in the tax code...", and who put those advantages in there kind sir? You, you old fool on the hill, you guys and gals writ large!
Apple takes advantage of the tax code as it is written as does every other corporation in America. Apple´s tax attorneys are smarter than the tax attorneys who work for the treasury dept and that is what this is all about.
Congress created this by making companies pay high (almost double) taxes if they return profits home after paying taxes abroad. One of my stocks just moved its HQ to Ireland (complicating my taxes) and will pay lower taxes to U. S. Congress is so disfunctional.
Florida is the New Selma, and not for the first time. On a visit to Tallahassee Tuesday, Jesse Jackson "used the phrase ´Selma of our time´--a reference to civil rights marches in Alabama that helped prompt change in the 1960s," the Miami Herald reports. By way of explanation, the paper quotes an earlier, ungrammatical comment the septuagenarian would-be provocateur made last month on CNN, where he "talked about an economic boycott to ´isolate Florida as a kind of apartheid state given this whole stand your ground laws.´ "
A top secret National Security Agency program allows analysts to search with no prior authorization through vast databases containing emails, online chats and the browsing histories of millions of individuals, according to documents provided by whistleblower Edward Snowden. The NSA boasts in training materials that the program, called XKeyscore, is its "widest-reaching" system for developing intelligence from the internet. (Snip)The files shed light on one of Snowden´s most controversial statements, made in his first video interview published by the Guardian on June 10.
Dream Defenders Executive Director Philip Agnew has said he knew the group would have to “get comfortable with being uncomfortable” during its now-13-day sit in at the Capitol. The college activists reached a new level of “uncomfortable” over the weekend – the group said Capitol police stopped food from coming into the building, leaving a group of about 50 protesters with little more than snack items and a few cups of water. Reports from the Florida Department of Law Enforcement indicate that´s not accurate.(Snip)phone calls to FDLE in support of the protest shut down the center’s ability
The Department of Justice civil rights unit sent to Sanford, Florida in 2012 to mediate the anti-George Zimmerman protests has a history of putting racial advocacy ahead of its mandated duties, according to a former head of the unit. “At CRS headquarters, we (meaning I) regularly had to warn or take corrective action against career employees for acting as advocates instead of mediators,” Ondray Harris, the former director of the DOJ’s Community Relations Service (CRS), told The Daily Caller. CRS was the unit deployed to Sanford in 2012 to oversee anti-Zimmerman protests.
The family of the ousted Egyptian President Mohammed Morsi has accused the army of abducting him. His daughter Shaimaa told a news conference in Cairo that the family was taking legal measures against the army. Mr Morsi has been held at an undisclosed location without charge since he was removed from power on 3 July. (Snip)One of Mr Morsi´s sons, Osama, said: "What is going on is a violation of human rights and a scandal in every sense of the word."
In the charade that became the trial of George Zimmerman in the death of Trayvon Martin, and in the continuing aftermath of the verdict, there was one thing the American people didn’t get from much of the national broadcast media: fairness. In the hours of continuous coverage that I monitored and recorded, I couldn’t believe the lack of balance in coverage.(Snip)Some news organizations seemed to resist the temptation of balanced reporting from the onset. What happened to investigating stories thoroughly? What happened to balancing a report with all points of view? And what happened to keeping agendas and
George Zimmerman, who has not been seen publicly since being acquitted in the murder of Trayvon Martin earlier this month, surfaced last week to rescue an unidentified driver trapped in an overturned truck in Florida, police said Monday. Sanford Police Department Capt. Jim McAuliffe told Fox News that Zimmerman, 29, was identified by a crash victim as the man who pulled him from the mangled vehicle last week. “George Zimmerman pulled me out,” firefighters were told by the unidentified driver, according to McAuliffe.
I have to admit, I’m stumped. Either something fairly important happened yesterday in Washington, or as readers of The Dallas Morning News might say, “I have no idea what you mean.” News reports, mostly from the right-of-center media, would indicate a 50-year IRS employee, recently retired as a tax specialist, testified before the House Oversight and Government Reform Committee. Carter Hull, we’re told, said the inappropriate screening of tea party-related applications reached at least the office of the IRS chief counsel, one of two political appointees in the building. You remember the IRS scandal, right?
The brother of Trayvon Martin, whose shooting death by George Zimmerman gained international attention over the past year, is currently serving as an intern for Rep. Frederica Wilson, D-Fla., her office confirmed to NBC News. A Florida jury found Zimmerman not guilty of of 2nd degree murder and manslaughter on July 13. Zimmerman says he shot the teen in self defense. Martin’s brother Jahvaris Fulton attends Florida International University in Miami, Fla., (Snip) According to Wilson´s office, Fulton is also part of the 5000 Roll Models of Excellence Project.
In 2005 the Florida legislator enacted statute 776.032. “Immunity from criminal prosecution and civil action for justifiable use of force.” This immunity statute is often erroneously referred to as Florida’s Stand-Your-Ground (SYG) law, even by lawyers, judges, and law professors who ought to know better.(Snip)In fact, SYG is a different statute entirely, 776.013(3). Although many states have adopted some form of self-defense immunity law, Florida’s is remarkably broad in many respects. It provides not only immunity from both civil liability and criminal prosecution, but even from arrest in instances that lack probable cause
In the aftermath of the acquittal of George Zimmerman, Eric Holder, Al Sharpton and Ben Jealous of the NAACP are calling on the black community to rise up in national protest. Yet they know — and Barack Obama, whose silence speaks volumes, knows — nothing is going to happen. "Stand-Your-Ground" laws in Florida and other states are not going to be repealed. George Zimmerman is not going to be prosecuted for a federal "hate crime" in the death of Trayvon Martin. The result of all this ginned-up rage that has produced vandalism and violence
President Barack Obama’s half-brother, Malik Obama, had a close relationship with Libyan dictator Muammar Gadhafi that continued from the 1980s until the dictator’s death. A photograph obtained by the Daily Caller shows Malik smiling with Gadhafi. Photos of Gadhafi from the time period appear to place the photo somewhere between 1987-1990, around the same time as the 1986 Berlin discotheque bombing and the Lockerbie bombing in 1988, for both of which Libya was responsible. Obama was a vocal supporter of the Libyan dictator and once interceded with his brother on Gadhafi’s behalf during the Libyan civil war,
White House insiders say President Barack Obama is in “a funk” about what he sees as increasing stagnation and failures surrounding his second term and some worry that the President is becoming more distant and distracted. “He’s not the same Obama that came to the Oval Office after the 2008 elections,” a senior White House aided confided to friends in an email recently. “I’m worried.” Chicago Mayor and former White House chief of staff Rahm Emanuel tells friends that the Presidency has changed his longtime friend Obama and many of those changes are “not good.”
Citing a potential al Qaeda attack, the State Department on Friday issued a worldwide travel alert and warned American citizens that the terrorist group may be plotting a strike in the Middle East, North Africa or elsewhere. “Current information suggests that al Qaeda and affiliated organizations continue to plan terrorist attacks both in the region and beyond, and that they may focus efforts to conduct attacks in the period between now and the end of August,” reads a portion of the alert, which lasts until the end of the month.
Executive Director of Mayors Against Illegal Guns Mark Glaze gave some ambiguous and potentially dangerous self defense advice Friday on “Hardball.” Glaze, speaking in opposition to “Stand Your Ground” laws, said in a circumstance where someone “comes at you” with an axe handle one should attempt to either “talk,” “fight with your fists,” “run away,” or “deescalate the situation,” but not shoot the attacker: MARK GLAZE: Very often somebody will come at you. They might want to have a fistfight. They might come at you with an ax handle. CHRIS MATTHEWS: Would you consider the guy with the ax handle armed or not?
[Video] Rapper Jay Z appearing on HBO´s "Real Time" with Bill Maher says that the black community wants upward economic mobility rather than a stronger police presence. In a conversation with former Congressman Barney Frank about police tactics such as stop-and-frisk, Jay Z suggests the stagnant economy and wealth inequality could cause widespread social unrest: "The real problem is there´s no middle class, right? So the gap between the have and have-nots is getting wider and wider... It´s gonna be a problem that no amount of police can solve, because once you have that sort of oppression
About 400 area retail and fast-food workers, together with colleagues nationally, participated in a strike Thursday to demand raising the minimum wage to $15 an hour. “If not $15, then something. I mean give us something. I work 36 hours a week and barely make enough to pay my rent, gas bill, light bill. It gets to the point where I barely have enough for lunch sometimes,” said Angel Richardson, 21, who works at McDonald’s. “I’m five months pregnant, what am I going to do in four months? I hope something changes.” The minimum wage is $7.25 nationally and $8.25
You don´t have to be gay or even Russian to feel the wrath of the Russian government´s homophobia. You could go to jail if you are "pro-gay," whatever that means. And that´s under just one of a growing number of hate-infused bills becoming law at a time when, as it happens, Russia is preparing to host the world in the next Winter Olympics. The perverse anti-gay legislation is inflaming an atmosphere of persistent intimidation and at times deadly violence against Russian gays and lesbians. The question now is: What should the rest of the world do?
Rep. Charlie Rangel (D-NY) suggested on Friday morning that the tea party movement is comprised of the same types of people who fought against the civil rights movement during the 1960s. Speaking with the Daily Beast, Rangel said of the movement: “It is the same group we faced in the South with those white crackers and the dogs and the police. They didn’t care about how they looked. He added that the tea party movement can be defeated similar to how the civil rights movement eradicated Jim Crow mentality: “It was just fierce indifference to human life that caused
The nation´s most active death penalty state is running out of its execution drug. The Texas Department of Criminal Justice said Thursday that its remaining supply of phenobarbital expires in September and that no alternatives have been found. It wasn´t immediately clear whether two executions scheduled for next month would be delayed. The state has already executed 11 death-row inmates this year, and at least seven more have execution dates in coming months. "We will be unable to use our current supply of phenobarbital after it expires," agency spokesman Jason Clark said. "We are exploring all options at this time."
A dart game that used President Obama´s face for target practice at a county fair in New York state is being dismantled today. Fairgoer Abigail Czapsky submitted photos of the booth at Otsego County Fair to HuffPost yesterday, which show President Obama´s face lined up alongside yellow stars in a dart game. According to Czapsky´s Facebook page, following yesterday´s HuffPost story the booth has now taken down the offensive targets. Czapsky says the Otsego County Fair Board called her to apologize about the booth and explain that it was being taken down. Not one individual on the fair board
I think she’s one of the most fascinating women of our time and this world,” confessed Bob Greenblatt, the chairman of NBC, as part of his announcement that his network is making a miniseries about former secretary of state Hillary Clinton, with Diane Lane in the starring role. Words are funny things. For instance, G.K. Chesterton once remarked that that the word “good” has many uses: “For example, if a man were to shoot his grandmother at a range of 500 yards, I should call him a good shot but not necessarily a good man.” So it is,
After purchasing the Boston Globe in 1993 for a then-record $1.1 billion, the financially troubled New York Times just announced it sold the 141 year-old paper to Boston Red Sox owner John Henry for a mere $70 million. That´s a straight 93% loss. Figuring in two decades of inflation would only make it worse -- as does the fact the Times retains the Globe´s pension liabilities, estimated at over $100 million. (snip) What might have sweetened the lower offer for the Times is that Henry offered a straight cash deal, which is expected to close sometime in September or October.
Two beliefs continue to shape debate on Obamacare. First, pre-existing medical conditions shouldn’t prevent people from obtaining affordable health insurance. And second, people who don’t want health insurance shouldn’t be forced by the government to purchase it. These may seem to be reasonable positions. But they are incompatible. That’s been shown by historical events, and it’s now being strikingly confirmed by recent experience in the emerging Obamacare insurance exchanges. The crux of the matter is what economists call the adverse-selection problem. Uninsured people with pre-existing conditions often face tens or even hundreds of thousands of dollars in