Apple could face huge tax bill as Obama calls for new taxes on offshore profits in FY2016 budget

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  • Reply 41 of 203
    Quote:

    Originally Posted by tcasey View Post

     

    So whats the solution ?




    Term limits for one thing.

  • Reply 42 of 203
    apple ][apple ][ Posts: 9,233member

    This is yet another disgraceful and shameful moment in Obama's ongoing anti-Business crusade. 

  • Reply 43 of 203
    swiftswift Posts: 436member
    Good idea. Apple can spare it. It now has $178 billion in reserves.
  • Reply 44 of 203
    512ke512ke Posts: 782member

    Maybe I am misunderstanding this, but from what I'm seeing, this is not okay.

     

    Apple followed the law. If you want to change the tax laws going forward, great. Do whatever you want, government, and Apple will follow the new laws.

     

    But you can't punish Apple when for years it's been doing something that is legal by US, Irish and U.K. law.

     

    Same deal goes for middle class 529 savings accounts. People have set them up because the law says the earnings are tax exempt. You can't just come along and grab a piece of that, government. 

     

    If government wants to change the current and future tax laws, great, that's their power and prerogative. But I think it's completely unreasonable for Uncle Sam to take a cut of little Susan's college fund after Mom and Dad have been saving for years under the very plan the U.S. Government once championed.

     

    In other words, I think government should fill its pocket from current and future earnings, not past amounts that were legally saved in absolute compliance with the law.

  • Reply 45 of 203
    frankiefrankie Posts: 380member
    Quote:
    Originally Posted by SpamSandwich View Post

     

    I hope people realize that this represents a trend. A trend that will make it worse and worse for businesses and for people with any kind of savings to live in the US. Our government is broke and approaching $17 trillion (!) dollars in debt, including unfunded liabilities...there are a lot of unfunded liabilities!

     

    If these unfunded liabilities are not drastically reduced and the Federal government radically downsized, this generation and the next and the next after that will be stuck with bills that cannot possibly be paid.




    Or companies and the super rich could pay the taxes they owe.

     

    And if you want to cut government lets start with insane amount we spend on the US military which doesn't even keep track of what it spends.

  • Reply 46 of 203
    frankiefrankie Posts: 380member
    Quote:

    Originally Posted by Apple ][ View Post

     

    This is yet another disgraceful and shameful moment in Obama's ongoing anti-Business crusade. 




    You mean the same one that currently has profits at an all time high compared to wages at an all time low in ALL OF US HISTORY?

     

    I know you're knocking on Obama, but I agree with you, just for completely different reasons.  This helps to rectify the last 6 years of more of the same old BS.

  • Reply 47 of 203
    Quote:

    Originally Posted by SpamSandwich View Post

     

    I hope people realize that this represents a trend. A trend that will make it worse and worse for businesses and for people with any kind of savings to live in the US. Our government is broke and approaching $17 trillion (!) dollars in debt, including unfunded liabilities...there are a lot of unfunded liabilities!

     

    If these unfunded liabilities are not drastically reduced and the Federal government radically downsized, this generation and the next and the next after that will be stuck with bills that cannot possibly be paid.




    All the western governments are broke. Most of ours and their GDP are based on speculative stocks and financial institutions which are not based on productivity. Austerity in EU has collapsed all but Germany. None of the governments seem to exist for the people who live there. They have all bought into trickle down. Corporations want the benefits without paying for them. 

  • Reply 48 of 203
    Quote:

    Originally Posted by frankie View Post

     



    Or companies and the super rich could pay the taxes they owe.

     

    And if you want to cut government lets start with insane amount we spend on the US military which doesn't even keep track of what it spends.


     

    Or the Federal government could scale back the so-called "services" they offer to fall within constitutional boundaries.

     

    I agree with your second sentence without hesitation.

  • Reply 49 of 203
    Quote:

    Originally Posted by waldobushman View Post

     



    All the western governments are broke. Most of ours and their GDP are based on speculative stocks and financial institutions which are not based on productivity. Austerity in EU has collapsed all but Germany. None of the governments seem to exist for the people who live there. They have all bought into trickle down. Corporations want the benefits without paying for them. 




    I believe the Germans are going to eventually leave the EU unless they are given a much greater 'vote' in the decision making. The EU is a worse mess than the US.

  • Reply 50 of 203
    wizard69wizard69 Posts: 13,377member
    I hope people realize that this represents a trend. A trend that will make it worse and worse for businesses and for people with any kind of savings to live in the US. Our government is broke and approaching $17 trillion (!) dollars in debt, including unfunded liabilities...there are a lot of unfunded liabilities!
    I don't think most people care at this point, it is sad really. As a government we waste far too much money on "social" that does little to drive the economy and even less good for the people the taxes are supposedly helping. An economic crash of massive proportions is likely to happen if someone doesn't get a handle on this.

    The problem of course with no one caring is that even if a politico understands this there is little drive from the electorate to change things. What is even worst is so much of our debt is in foreign hands which means that we are giving up control of our country to foreign people and at times hostile governments.
    If these unfunded liabilities are not drastically reduced and the Federal government radically downsized, this generation and the next and the next after that will be stuck with bills that cannot possibly be paid.

    You don't have to wait for the next generation, Washington's made dash to try to tax everything insight is clear evidence that this generation is flipping the bill.


    On a side note are people getting there page opens at AppleInsider forwarded to App Store App? This started last night on another site and now is happening on AppleInsider. Really really frustrating.
  • Reply 51 of 203
    Quote:

    Originally Posted by frankie View Post

     



    Or companies and the super rich could pay the taxes they owe.

     

    And if you want to cut government lets start with insane amount we spend on the US military which doesn't even keep track of what it spends.




    Education time: http://usdebtclock.org/

     

    $921 billion on Medicare, $859 billion on Social Security, $310 billion on welfare, $249 billion on pensions.

     

    None of those are enumerated in the Constitution. Defense is, and that's only $595 billion. Is there waste there? Certainly! But people seem to be sticking to this Bush-era concept about defense being the budget hog, and it's not even close anymore.

  • Reply 52 of 203
    nagrommenagromme Posts: 2,834member
    Please, won't someone think of the poor corporations!
  • Reply 53 of 203
    tcaseytcasey Posts: 199member
    Quote:

    Originally Posted by SpamSandwich View Post

     



    Term limits for one thing.


    Agreed...and no corp sponsors..EVER.

  • Reply 54 of 203
    morkymorky Posts: 198member
    Quote:

    Originally Posted by SpamSandwich View Post

     

    I hope people realize that this represents a trend. A trend that will make it worse and worse for businesses and for people with any kind of savings to live in the US. Our government is broke and approaching $17 trillion (!) dollars in debt, including unfunded liabilities...there are a lot of unfunded liabilities!

     

    If these unfunded liabilities are not drastically reduced and the Federal government radically downsized, this generation and the next and the next after that will be stuck with bills that cannot possibly be paid.




    Debt as a % of GDP is what is important. How did we pay off WWII debts? We didn't. Our increase in GDP and inflation took care of it. Debt shot up in 2009 due to the need to spend to avert a new great depression. Have a look at Europe if you want to see what austerity does in a financial crisis. Debt as a % of GDP is expected to trend down over the next several years, but it's not a disaster. The sky is not falling. Our government is not broke. Apple should pay more of that largess in taxes to pay for some of the infrastructure required to make their business possible.

  • Reply 55 of 203
    Quote:

    Originally Posted by wizard69 View Post





    I don't think most people care at this point, it is sad really. As a government we waste far too much money on "social" that does little to drive the economy and even less good for the people the taxes are supposedly helping. An economic crash of massive proportions is likely to happen if someone doesn't get a handle on this.



    The problem of course with no one caring is that even if a politico understands this there is little drive from the electorate to change things. What is even worst is so much of our debt is in foreign hands which means that we are giving up control of our country to foreign people and at times hostile governments.

    You don't have to wait for the next generation, Washington's made dash to try to tax everything insight is clear evidence that this generation is flipping the bill.





    On a side note are people getting there page opens at AppleInsider forwarded to App Store App? This started last night on another site and now is happening on AppleInsider. Really really frustrating.



    You may need to install plug-ins called Disconnect and Ghostery. Google 'em (or DuckDuckGo 'em).

  • Reply 56 of 203
    wizard69wizard69 Posts: 13,377member
    
    
    
    Apple's Worldwide Corp is an Ireland based company. Could luck telling an Irish company to pay US taxes. Apple may be founded in the United States but that does not mean all the other country Apple Corps have to pay US taxes. Ridiculous.

    There in lies the problem which many don't seem to understand, these profits are already being taxed. Maybe not at the same rate seen in the USA but taxes are taxes. To an extent I can understand paying taxes on money brought into the USA, but not at the rate being talked about here. In the end it is just another example of the unknowing and unethical nature of this administration. I'm not even sure it would stand up in US courts much less international courts.
  • Reply 57 of 203
    Quote:

    Originally Posted by wizard69 View Post

     

    Code:


     

    There in lies the problem which many don't seem to understand, these profits are already being taxed. Maybe not at the same rate seen in the USA but taxes are taxes. To an extent I can understand paying taxes on money brought into the USA, but not at the rate being talked about here. In the end it is just another example of the unknowing and unethical nature of this administration. I'm not even sure it would stand up in US courts much less international courts.



    As far as the government is concerned, they already tax estates, despite the fact that money was taxed in the first place. Why not double tax everyone else?

  • Reply 58 of 203
    rot'napplerot'napple Posts: 1,839member
    No thanks! I've seen what government does with monies it already collects! I'll be on board the day government spends the people's money with care and frugality. I'm tired of career political elites of both parties looking at me, you and corporations as their personal ATM. Shouldn't we all?!?

    IF Apple spent THEIR stash of cash so carelessly on willy-nilly acquisitions, fruitless ideas, or whatever, don't think for a second that the Apple news and rumors community would let their feelings be known and rightly so. Yet for politicians... under inflated footballs are more of a concern to the media then the goings on in Washington!

    Let's get back to waste...

    http://cagw.org/featured

    http://ccagwratings.org/

    Politicians, some of them anyways, are critical of the saying "trickle down economics", a rising tide lifts all boats, etc... I, myself, am skeptical of "trickle up economics" where politicians making only a couple of hundred thousand dollars a year in salary and who complain about them having to support two households, one in DC and the other - the home where they came from, yet they retire with millions.

    http://community.seattletimes.nwsource.com/archive/?date=19940330&slug=1902853
    (As profitable and successful as Apple is, even they haven't come close to the same risk/reward. I invested $2000 in Apple and netted $39,000 over the course of over five years)

    Since Sen. Diane Feinstein is retiring after a long industrious career of helping herself, one would be amazed to see how she was crony to the core...

    http://extranosalley.com/?p=37243

    http://www.breitbart.com/big-government/2015/01/17/sen-feinsteins-husbands-company-to-bag-1-billion-for-government-deal/

    This is not to pick on Feinstein alone or Democrats. I'm sure a search on career hack Republicans would derive similar results. Think Republican VA Governor Bob McDonald!

    Let's start by not having conferences for circuit court judges in Hawaii. Let's not have political elite staying at elite ritzy hotels. They are there to sleep, Motel 6 will do - if it were her money out of her pocket!

    http://dailycaller.com/2012/05/23/ninth-circuit-judges-defend-hawaii-conference-paid-for-by-taxpayers/

    http://thesop.org/story/politics/2010/08/06/michelle-obamas-expensive-vacation.php

    Take care of these matters first, US governance, and I'll consider the request for new taxes on offshore profits...
  • Reply 59 of 203
    boltsfan17boltsfan17 Posts: 2,294member
    Quote:

    Originally Posted by mstone View Post

     

    Please show us a US company that paid anywhere close to the official 40% corporate tax. I own a corporation which paid very little tax in 2014. That is what accountants do - write off income.


    We do have the highest corporate tax rate in the world. That is a fact. I understand the rate is before deductions, tax loopholes, tax breaks, etc, but there are companies that pay close to the maximum. It depends on the industry who gets hit the most. Over the last 5 years, companies in the healthcare industry paid an average tax rate of almost 30%. General Dynamics paid a federal rate of 29% between 2008-2012. I can't think of the name off the top of my head, but there was a big 5 year study that showed all the rates companies are paying. 

     

  • Reply 60 of 203
    Quote:

    Originally Posted by Boltsfan17 View Post

     

    We do have the highest corporate tax rate in the world. That is a fact. I understand the rate is before deductions, tax loopholes, tax breaks, etc, but there are companies that pay close to the maximum. It depends on the industry who gets hit the most. Over the last 5 years, companies in the healthcare industry paid an average tax rate of almost 30%. General Dynamics paid a federal rate of 29% between 2008-2012. I can't think of the name off the top of my head, but there was a big 5 year study that showed all the rates companies are paying. 

     




    Meanwhile, Government Electric has a negative tax rate, thanks to the cozy relationship they enjoy with the White House.

     

    People claim capitalism is a failure; I say to them that they've never lived under true capitalism. Crony capitalism is not capitalism.

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