I agree with the comments of Senator Rand Paul...Apple has done nothing illegal or immoral. If Congress wants someone to blame for the way corporations (especially large multinationals) handle their finances, they need only look in the mirror at the tangled web of confusing and often contradictory tax policy they have themselves created! If they want to simplify things, they should lower the U.S. corporate tax rate (which is the highest in the civilized world) and take out all the loopholes to make it fairer and flatter for ALL companies!
Except that the Top 30 companies according the recent study reported by Levin pay no income tax (on foreign derived income?) while everyone else pays the burden. We have to further cut spending and raise revenues but raising revenues comes at the burden of ordinary US taxpayers while large multinationals find creative (and legal) ways to skirt this issue.
Lower corporate tax (from 35% - way too high to be competitive in global landscape) and close loopholes
Typical of politicians to go after companies that actually try to follow the tax code. No sane company ignores loopholes. They ignore the banks that do criminal acts of money laundering, improper foreclosures, illegal mortgages, and all that simply because the banks know to pay the government under the table.
What do the senators want - for Apple to move to another country?
What on earth is with this country?
Another slam against Apple!
Guess the U.S. hates success.
This is the first time I've agreed with Rand Paul.
The committee and many others, including Wall Street, owe Apple an apology.
I admit it is the first time I have heard anything sensible come from him too.
Sometime in the 1980s, Steve Jobs (among others) went before the US House of Representatives... Each member of the panel had a small sign with his name preceded by "Rep."... e.g. "Rep. Mr. Jones".
Steve was unaware/unconcerned about politics -- when asked a question, Steve respectfully responded: "Republican, Mr. Jones..."
Edit: Flash ahead to today... Maybe it would have been appropriate for Tim to have answered respectfully "Senile, Mr. Levin"!
What was amazing to me was how equally devoid of the ability to understand what was being said were both McCain and Levin. Or were they already in agreement in how [they thought] they'd force the outcome?
The 1st and 3rd parts of this testimony appeared to be a monolog by Carl Levin... no other Senators spoke (or were present?).
The Apple session had all the Senators get their TV "Face Time".
The other disturbing thing is that while Levin was telling questions to Apple, he repeatedly referred to "shifting" money to Ireland. All 3 Apple participants challenged Levin saying he was mischaracterizing this. Levin interrupted each and every time -- saying that they would get a chance to respond... After blathering on for 30 minutes, Levin called that part of the testimony to an end -- never giving the Apple participants a chance to speak.
Again, I am ashamed and embarrassed to be governed by such rude and willfully stubborn and stupid people!
I think that at some point before the hearing began, Levin found out that Apple actually employs about 4000 people in Ireland and so decided it would be better if Apple wasn't given the opportunity to correct him in public.
And Mr McCain, if you have a problem with how many times your iPhone updates applications then write an email to Apple's feedback address; don't bring it up at a senate hearing.
I think that at some point before the hearing began, Levin found out that Apple actually employs about 4000 people in Ireland and so decided it would be better if Apple wasn't given the opportunity to correct him in public.
Ahhh... that would partially explain it. Also, Levin had already decided that Apple was "shifting" revenue -- so facts be damned...
And Mr McCain, if you have a problem with how many times your iPhone updates applications then write an email to Apple's feedback address; don't bring it up at a senate hearing.
That's McCain's way of showing: ["even though I am totally screwed up in my understanding of Apple, Tax Law, Right/Wrong..."] I am a man of the people!
Ours is one of the few countries that 'double taxes' its citizen's income.
I lived and worked in Japan for about 12 years. Anything I earned over about $80k was double taxed… first by Japan, then again by the U.S.
Not sure how that's OK by any measure, but there it is...
Not quite.
You paid tax in Japan. As a US Citizen, your overseas income is taxable in the US. HOWEVER, the part you're leaving out is that the US gives you credit for taxes paid to Japan. So you're not paying double taxes.
Not a fan of Tim Cook's track record since he became CEO of AAPL but I will say he acquitted himself well yesterday.
Any objective individual should be able to aknowledge, in spite of the anti-Apple hit pieces published daily, that Tim Cook has had a phenomenal record since becoming CEO, in terms of Apple's overall performance and sales. All the metrics demolish anything in Apple's history. The lowest metric is the stock price (which has little to do with performance) and even that is currently $60 higher than when Cook became CEO. If you're referring to dissapointment with new products/innovations, lets just wait until June 11th to see what Apple's been up to. It's also useful to keep in mind that 2012 saw probably the busiest product release schedule in Apple's history.
Not a fan of Tim Cook's track record since he became CEO of AAPL but I will say he acquitted himself well yesterday.
Any objective individual should be able to aknowledge, in spite of the anti-Apple hit pieces published daily, that Tim Cook has had a phenomenal record since becoming CEO, in terms of Apple's overall performance and sales. All the metrics demolish anything in Apple's history. The lowest metric is the stock price (which has little to do with performance) and even that is currently $60 higher than when Cook became CEO. If you're referring to dissapointment with new products/innovations, lets just wait until June 11th to see what Apple's been up to. It's also useful to keep in mind that 2012 saw probably the busiest product release schedule in Apple's history.
Comments
Just don't tax it that way.
Sent from my iPhone
Quote:
Originally Posted by Jordon Eagan
I agree with the comments of Senator Rand Paul...Apple has done nothing illegal or immoral. If Congress wants someone to blame for the way corporations (especially large multinationals) handle their finances, they need only look in the mirror at the tangled web of confusing and often contradictory tax policy they have themselves created! If they want to simplify things, they should lower the U.S. corporate tax rate (which is the highest in the civilized world) and take out all the loopholes to make it fairer and flatter for ALL companies!
Except that the Top 30 companies according the recent study reported by Levin pay no income tax (on foreign derived income?) while everyone else pays the burden. We have to further cut spending and raise revenues but raising revenues comes at the burden of ordinary US taxpayers while large multinationals find creative (and legal) ways to skirt this issue.
Lower corporate tax (from 35% - way too high to be competitive in global landscape) and close loopholes
What do the senators want - for Apple to move to another country?
Quote:
Originally Posted by Dick Applebaum
Yeah, I was watching that, too...
"It was unnecessary and unwise of Cook to agree to do this."
I disagree... I think Tim and Peter did well... This will be all over the financial news -- and Levin and McCain look like exactly what they are...
Apple will benefit from this!
I was against Cook doing this also, but fortunately they were prepared and Rand Paul shone a light on the stupidity of Congress and the "Inquisition".
Would they prefer Apple to incorporate overseas?
I admit it is the first time I have heard anything sensible come from him too.
What was amazing to me was how equally devoid of the ability to understand what was being said were both McCain and Levin. Or were they already in agreement in how [they thought] they'd force the outcome?
Quote:
Originally Posted by Dick Applebaum
Interesting...
The 1st and 3rd parts of this testimony appeared to be a monolog by Carl Levin... no other Senators spoke (or were present?).
The Apple session had all the Senators get their TV "Face Time".
The other disturbing thing is that while Levin was telling questions to Apple, he repeatedly referred to "shifting" money to Ireland. All 3 Apple participants challenged Levin saying he was mischaracterizing this. Levin interrupted each and every time -- saying that they would get a chance to respond... After blathering on for 30 minutes, Levin called that part of the testimony to an end -- never giving the Apple participants a chance to speak.
Again, I am ashamed and embarrassed to be governed by such rude and willfully stubborn and stupid people!
I think that at some point before the hearing began, Levin found out that Apple actually employs about 4000 people in Ireland and so decided it would be better if Apple wasn't given the opportunity to correct him in public.
And Mr McCain, if you have a problem with how many times your iPhone updates applications then write an email to Apple's feedback address; don't bring it up at a senate hearing.
Originally Posted by unother
Worthless.
Yeah, you are.
Call this "appleapologist.com"
Either list where they broke the law (or even a moral standing) or just shut up.
Ahhh... that would partially explain it. Also, Levin had already decided that Apple was "shifting" revenue -- so facts be damned...
That's McCain's way of showing: ["even though I am totally screwed up in my understanding of Apple, Tax Law, Right/Wrong..."] I am a man of the people!
Not a fan of Tim Cook's track record since he became CEO of AAPL but I will say he acquitted himself well yesterday.
Not quite.
You paid tax in Japan. As a US Citizen, your overseas income is taxable in the US. HOWEVER, the part you're leaving out is that the US gives you credit for taxes paid to Japan. So you're not paying double taxes.
Quote:
Originally Posted by MJ Web
Not a fan of Tim Cook's track record since he became CEO of AAPL but I will say he acquitted himself well yesterday.
Any objective individual should be able to aknowledge, in spite of the anti-Apple hit pieces published daily, that Tim Cook has had a phenomenal record since becoming CEO, in terms of Apple's overall performance and sales. All the metrics demolish anything in Apple's history. The lowest metric is the stock price (which has little to do with performance) and even that is currently $60 higher than when Cook became CEO. If you're referring to dissapointment with new products/innovations, lets just wait until June 11th to see what Apple's been up to. It's also useful to keep in mind that 2012 saw probably the busiest product release schedule in Apple's history.
Time and again, your post is spot-on.
Quote:
Originally Posted by PhilBoogie
Time and again, your post is spot-on.
I appreciate that.