The irony is that the likes of apple, amazon, Starbucks and google, with their elaborate tax avoiding "scams", are too short sighted to see that by only caring about their shareholders, they potentially risk not having a market to sell to in the first place. It is those taxes that they avoid paying that enable their future customers to go to school, to get the job that will provide them sufficient income to be able to afford their wares in the first place. Do they care, nope, they can just free load off the indigenous firms that will, in time, have to subsidise them through even higher taxes. this will reduce the profits of the honest firms and allow the cheats to turn to their shareholders and say "look at us, we made billions in profit, we must be better than the rest".
So you're saying that eventually all people smart enough to use a computer will be dead, preventing any online sales to be made, bankrupting all these companies, all because they are using legal loopholes in tax code and not giving every cent they have to the government?
Or maybe they can retroactively change the law. The UK did it.
The ATO has vast and far reaching powers, it is possible that they could make a retroactive change. I don't think its very likely though.
Quote:
Originally Posted by Tallest Skil
Funny how I as an individual am capable of taking advantage of tax loopholes every single year.
I seriously doubt that you could take advantage of tax loopholes that reduce your overall tax bill to less than 2%. Unless of course you're on welfare?
Quote:
Originally Posted by Tallest Skil
Do you really want 70% tax on everything?
If all companies paid a "Fair amount of tax" then the pool of money would be a lot larger, and therefore the tax burden as a percentage of income could be less on each company. Except those that currently pay an obscenely low amount of tax of course.
If all world governments cracked down on these loopholes, then the net tax revenue could increase dramatically. Some countries who are currently having cash flow issues, might find that they go from hot water to merely warm.
You want to pay more taxes than legally necessary, or what you believe is to be "fair", go right ahead if you feel the need to get all gung-ho about it. No one will stop you.
If you don't do everything, and anything you can do to minimize your tax liability in a legal, government-authorized way then the only person you can blame is ignorance, whom will then point the finger right back at you.
Now the details of this article is lacking, but in general terms Apple (or any other corporation) did nothing wrong or illegal. Blame the governments. They approve and make laws.
Absolutely, Apple and these other mega corporations are required to maximise profit for shareholders. Its their corporate duty to do so.
I seriously doubt that you could take advantage of tax loopholes that reduce your overall tax bill to less than 2%. Unless of course you're on welfare?
See, if the tax code was reformed to increase taxes, putting considerably more pressure on those on welfare, I'd be fine with a few increases across the board. But nearly anyone can take advantage of any loophole in their category.
If all companies paid a "Fair amount of tax" then the pool of money would be a lot larger…
UK? Whatever! Join the crew! Dual citizenship is the way to go if you've got the required immigration 'points'.
Enz in Brisbane
Why thank you for the welcome. Unfortunately though I will have to give my birth country the big fat finger (and gladly so, I hope, when the time comes) ... aka "screw you Malaysia!". I can't even cast a postal vote for the Malaysian election next year because no one trusts its security.
As for the UK, after three months in London I realise why certain poms in oz are somewhat...[insert evaluation here].
The issue in Australia is the Henry Review sorted out what the tax problems in Australia are and how to make things generally fairer, whether you're left, right, upside or down. Problem is the government hasn't implemented ~most~ of the recommendations. AFAIK.
There's talk of "class warfare" but mostly the recommendations are to simplify things, get rid of negative gearing and what nots.
Comments
Originally Posted by hungover
The irony is that the likes of apple, amazon, Starbucks and google, with their elaborate tax avoiding "scams", are too short sighted to see that by only caring about their shareholders, they potentially risk not having a market to sell to in the first place. It is those taxes that they avoid paying that enable their future customers to go to school, to get the job that will provide them sufficient income to be able to afford their wares in the first place. Do they care, nope, they can just free load off the indigenous firms that will, in time, have to subsidise them through even higher taxes. this will reduce the profits of the honest firms and allow the cheats to turn to their shareholders and say "look at us, we made billions in profit, we must be better than the rest".
So you're saying that eventually all people smart enough to use a computer will be dead, preventing any online sales to be made, bankrupting all these companies, all because they are using legal loopholes in tax code and not giving every cent they have to the government?
Quote:
Originally Posted by Tallest Skil
Or maybe they can retroactively change the law. The UK did it.
The ATO has vast and far reaching powers, it is possible that they could make a retroactive change. I don't think its very likely though.
Quote:
Originally Posted by Tallest Skil
Funny how I as an individual am capable of taking advantage of tax loopholes every single year.
I seriously doubt that you could take advantage of tax loopholes that reduce your overall tax bill to less than 2%. Unless of course you're on welfare?
Quote:
Originally Posted by Tallest Skil
Do you really want 70% tax on everything?
If all companies paid a "Fair amount of tax" then the pool of money would be a lot larger, and therefore the tax burden as a percentage of income could be less on each company. Except those that currently pay an obscenely low amount of tax of course.
If all world governments cracked down on these loopholes, then the net tax revenue could increase dramatically. Some countries who are currently having cash flow issues, might find that they go from hot water to merely warm.
Quote:
Originally Posted by sflocal
Wrong.
You want to pay more taxes than legally necessary, or what you believe is to be "fair", go right ahead if you feel the need to get all gung-ho about it. No one will stop you.
If you don't do everything, and anything you can do to minimize your tax liability in a legal, government-authorized way then the only person you can blame is ignorance, whom will then point the finger right back at you.
Now the details of this article is lacking, but in general terms Apple (or any other corporation) did nothing wrong or illegal. Blame the governments. They approve and make laws.
Absolutely, Apple and these other mega corporations are required to maximise profit for shareholders. Its their corporate duty to do so.
Minimizing tax is just one way.
Originally Posted by Likkie
I seriously doubt that you could take advantage of tax loopholes that reduce your overall tax bill to less than 2%. Unless of course you're on welfare?
See, if the tax code was reformed to increase taxes, putting considerably more pressure on those on welfare, I'd be fine with a few increases across the board. But nearly anyone can take advantage of any loophole in their category.
If all companies paid a "Fair amount of tax" then the pool of money would be a lot larger…
Except you don't get to define that, is all.
Why thank you for the welcome. Unfortunately though I will have to give my birth country the big fat finger (and gladly so, I hope, when the time comes) ... aka "screw you Malaysia!". I can't even cast a postal vote for the Malaysian election next year because no one trusts its security.
As for the UK, after three months in London I realise why certain poms in oz are somewhat...[insert evaluation here].
There's talk of "class warfare" but mostly the recommendations are to simplify things, get rid of negative gearing and what nots.