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NYT: Apple's Web of Tax Shelters Saved It Billions

theodp (442580) writes | about a year ago

2

theodp (442580) writes "Even as Apple became the nation's most profitable tech company, it avoided billions in taxes in the U.S. and around the world through a web of subsidiaries so complex it spanned continents and went beyond anything most experts had ever seen, according to Congressional investigators. The investigation is expected to set up a potentially explosive confrontation between lawmakers and Apple CEO Tim Cook at a public hearing on Tuesday. "Apple successfully sought the holy grail of tax avoidance," said Senator Carl Levin. "It has created offshore entities holding tens of billions of dollars while claiming to be tax resident nowhere." In response to the release of the Congressional report, Apple published its prepared testimony a day early. One can only hope to see a Steve Jobs-like presentation by Cook on Tuesday!"

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Greedy politicians (0)

Anonymous Coward | about a year ago | (#43778945)

"It has created offshore entities holding tens of billions of dollars while claiming to be tax resident nowhere"

The money belongs to Apple, so what is wrong for Apple to keep their own money ?

It's the greedy politicians who are raking up all the hays

If only the governments can stop themselves from wasting precious tax monies on totally useless programs

Re:Greedy politicians (1)

crutchy (1949900) | about a year ago | (#43779403)

apple makes use of infrastructure paid for by the government, and taxes are a means for individuals and companies to pay their fair share

so basically apple is saying that they think they should be free to make use of government funded infrastructure without contributing towards it, and that other taxpayers should make up for their share

i'm not convinced that corporate taxes are the way to go since individual taxes are paid by employees (which together make up a company) so paying individual income taxes and also paying corporate taxes is kind of double dipping by government (as argued by experts like peter schiff and ron paul, who have proven time and time again they can outsmart other idiot economists like paul krugman at their own game), but since the system is the way it is i think each should pay their fair share, and apple (and many others including google) are ripping off the working class taxpayers by not paying their fair share.

governments are bringing this on themselves... if you tax too high, taxpayers will always try to avoid paying. make taxes reasonable such that individuals and businesses aren't losing big chunks of their income, and there will be less incentive to dodge the system.

If only the governments can stop themselves from wasting precious tax monies on totally useless programs

i agree wholeheartedly, but i think it's a lost cause

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