Look at how much Apple's overseas cash hoard has grown in the last 8 years

[Daniel Nenni]

Amazing that the US Government just sits there and does nothing:


View attachment 18043

Side stepping tax laws is quite a profitable business! Surely a mutually beneficial agreement can be made to get that cash back into the US? Same goes for Google and the dozens of other world wide tech giants. This is just ridiculous. Either close the loop hole or offer a reduced tax rate. What am I missing here?

 

[dwisehart]

Amazing that the US Government just sits there and does nothing: Side stepping tax laws is quite a profitable business! Surely a mutually beneficial agreement can be made to get that cash back into the US?

There is a simple solution: eliminate corporate taxes. Profits either be spent by individuals--where they will be taxed again--or they will be invested in future production. Our current system double taxes individuals working together as a corporation and again as individuals who spend their earnings, for a single productive effort: assembling iPhones perhaps in this case. A move to single taxation of individuals would bring in a lot more tax revenue each year, because you cannot just think about the profits that would come back to the US, but also to the multiplier effect. Your earnings are taxed and then you use what is remaining to buy gardening services. The gardener is taxed on his income, and he buys food from the grocery, which is taxed even before the grocery store pays its taxes and its employees, who are taxed. And so on. If the money stays overseas it cannot fund a whole chain of economic activity in the US.

 

[simoncc]

that's funny how politics would have to resign if they hide their money offshore, or some CEO had to resign because of their political believes to avoid boycott.

Here tax evasion from Apple should lead to massive boycott among the US tax payer.

 

[lefty]

What am I missing here?

Ummm, who do you think pays for the election campaigns?

 

[Daniel Payne]

The minute that Apple transfers money from their account in Ireland to California it will trigger a taxable event in the USA, but not before then. The loop hole kind of depends on countries like Ireland too. Strangely enough the Irish government doesn't want to collect Apple taxes, Apple may owe Ireland $19 billion, but Ireland doesn’t want the money. Here’s why. - The Washington Post

 

[Daniel Nenni]

Here’s how much Apple has actually paid in foreign taxes over the years:

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[U235]

It's worse. US tax payers pay interest on Apple's cash, which is mostly in the form of short term treasury notes.

 

[Staf_Verhaegen]

Here’s how much Apple has actually paid in foreign taxes over the years

And the irony is also that the American diplomacy indicated that European Commission trying to close fiscal loop holes so Apple does not pay much taxes in Ireland (and thus also the reason Apple store most of their money there) could severely damage the US-EU relations.