Oh sure they can. We have one of the HIGHEST Corporate Tax Rates in the world. Something around 35%. What's a real load of crap is the Money was already TAXED in these other country's. so bring it into the U.S. just means another huge Tax on top of it. Ya, real smart thing to do, Lose all your profits in taxes.
Greek or Italian; run social programs beyond means and when runs out of money than borrow or find rich company like Apple to blame and squeeze money like Mafia.
This is true of every government. That's all governments do-- the sack the country, make politicians wealthy, and then when the ill effects become obvious, they blame corporations.
Look at healthcare in the USA-- Milton Friedman found that government was the cause of %96.2 of all health care costs. So that $100,000 operation would, absent government, only cost you $3,800. Yet despite destroying health care (and lowering quality and availability) what does government do? Take it over with "obamacare" which is already making the situation vastly worse.
Government is a disease masquerading as its own cure.
You wish it was like that but it isn't. Those countries are not facing problems because of their social measures. In fact the countries which are the most socialist in Europe are the happiest places on Earth and without economical problems, see Scandinavia.
The reality on the ground in Scandinavia does not support this view.
You know, it was only 40 years ago that people like you were running around claiming the USSR was the happiest, most successful country on the planet, and proof that socialism works.
Italy is as corrupt as the USA. I just don't want to exchange our health system with yours due to Apple not paying taxes. We have the second system in the world, what about yours? In this case a public system is less corrupt and less expensive than a private one.
Read Piketty insted of Friedman's dead theories...
Oh sure they can. We have one of the HIGHEST Corporate Tax Rates in the world. Something around 35%. What's a real load of crap is the Money was already TAXED in these other country's. so bring it into the U.S. just means another huge Tax on top of it. Ya, real smart thing to do, Lose all your profits in taxes.
This provides some additional "color" to Apple's reason for keeping this money overseas (from a 2012 article):
And just like other corporations, Apple leaves cash overseas. If it brought it home to the U.S., it would have to pay federal income taxes on the money (though it would get a credit for foreign taxes already paid). In Apple's case, those overseas accounts have grown to a staggering $74 billion — equal to the market value of Citigroup Inc.
The money is accumulating overseas because corporations are counting on lower U.S. tax rates in the future. At 35%, the U.S. corporate tax rate is among the highest for developed countries. In 2004, Congress enacted a one-year "tax holiday" for overseas earnings, and multinationals are hoping for a repeat of that. Presidential candidate Mitt Romney wants to permanently eliminate federal taxes on overseas profits. President Barack Obama attacked that idea last week, saying it won't create U.S. jobs, like the Romney campaign contends.
Where Apple does differ from other companies is that it sets aside a portion of these overseas profits, marking them as subject to U.S. taxes sometime in the future. Essentially, it's saying "this is money that we'll likely have to pay U.S. federal income taxes on" because we intend to repatriate it, says Willens.
But because Apple doesn't actually bring the profits into U.S. accounts, it doesn't pay the taxes. Instead, it records a tax liability. When Apple reports quarterly results, it subtracts these liabilities from its profits, even though it hasn't actually paid the taxes.
If I was Apple id sell the iPhone $2000 in Italy and then made sure the people know that their government is responsible for most of that.
Apple should just pull out all operations and sell in the surrounding countries instead. For all we know, their politicians could have been paid off by Samsung.
Apple should just pull out all operations and sell in the surrounding countries instead. For all we know, their politicians could have been paid off by Samsung.
Comments
http://www.irs.gov/Individuals/International-Taxpayers/Foreign-Tax-Credit---Choosing-To-Take-Credit-or-Deduction
You sum it up perfectly.
Greek or Italian; run social programs beyond means and when runs out of money than borrow or find rich company like Apple to blame and squeeze money like Mafia.
This is true of every government. That's all governments do-- the sack the country, make politicians wealthy, and then when the ill effects become obvious, they blame corporations.
Look at healthcare in the USA-- Milton Friedman found that government was the cause of %96.2 of all health care costs. So that $100,000 operation would, absent government, only cost you $3,800. Yet despite destroying health care (and lowering quality and availability) what does government do? Take it over with "obamacare" which is already making the situation vastly worse.
Government is a disease masquerading as its own cure.
You wish it was like that but it isn't. Those countries are not facing problems because of their social measures. In fact the countries which are the most socialist in Europe are the happiest places on Earth and without economical problems, see Scandinavia.
The reality on the ground in Scandinavia does not support this view.
You know, it was only 40 years ago that people like you were running around claiming the USSR was the happiest, most successful country on the planet, and proof that socialism works.
I probably don't read italian, but if you do please read this http://www.repubblica.it/economia/2015/03/24/news/apple_italia_un_organizzazione_occulta_che_fattura_oltre_un_miliardo_di_euro-110357456/?ref=HREC1-2 ;
Italy is as corrupt as the USA. I just don't want to exchange our health system with yours due to Apple not paying taxes. We have the second system in the world, what about yours? In this case a public system is less corrupt and less expensive than a private one.
Read Piketty insted of Friedman's dead theories...
No. 35% total.
Taxes paid in other countries are deducted or taken as a credit against the US corporate tax owed.
http://www.irs.gov/Individuals/International-Taxpayers/Foreign-Tax-Credit---Choosing-To-Take-Credit-or-Deduction
This provides some additional "color" to Apple's reason for keeping this money overseas (from a 2012 article):
And just like other corporations, Apple leaves cash overseas. If it brought it home to the U.S., it would have to pay federal income taxes on the money (though it would get a credit for foreign taxes already paid). In Apple's case, those overseas accounts have grown to a staggering $74 billion — equal to the market value of Citigroup Inc.
The money is accumulating overseas because corporations are counting on lower U.S. tax rates in the future. At 35%, the U.S. corporate tax rate is among the highest for developed countries. In 2004, Congress enacted a one-year "tax holiday" for overseas earnings, and multinationals are hoping for a repeat of that. Presidential candidate Mitt Romney wants to permanently eliminate federal taxes on overseas profits. President Barack Obama attacked that idea last week, saying it won't create U.S. jobs, like the Romney campaign contends.
Where Apple does differ from other companies is that it sets aside a portion of these overseas profits, marking them as subject to U.S. taxes sometime in the future. Essentially, it's saying "this is money that we'll likely have to pay U.S. federal income taxes on" because we intend to repatriate it, says Willens.
But because Apple doesn't actually bring the profits into U.S. accounts, it doesn't pay the taxes. Instead, it records a tax liability. When Apple reports quarterly results, it subtracts these liabilities from its profits, even though it hasn't actually paid the taxes.
http://usatoday30.usatoday.com/tech/news/story/2012-07-23/apple-phantom-taxes/56441134/1
If I was Apple id sell the iPhone $2000 in Italy and then made sure the people know that their government is responsible for most of that.
Apple should just pull out all operations and sell in the surrounding countries instead. For all we know, their politicians could have been paid off by Samsung.
http://www.reuters.com/article/2015/02/25/us-italy-google-tax-idUSKBN0LT1NP20150225
In fact it looks like the Italians may have gone after Google first over the Irish scheme, in 2012, before adding Apple to the mix.
For all we know, lizard men are behind this.