- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Apple Paid $6B in Taxes Last Year, 1/40 of All U.S. Corporate Income Tax
Posted on 1/5/13 at 11:19 pm
Posted on 1/5/13 at 11:19 pm
quote:
The New York Times reports on a congressional investigation into the tax policies of technology giants, including Apple.
The Senate Permanent Subcommittee on Investigations is nearly finished with a year-long investigation into the methods that large technology companies use to avoid paying U.S. corporate income tax. Apple, for its part, allocates some 70 percent of its income to overseas affiliates where tax rates are much lower.
It appears that all of Apple's techniques are legal by U.S. law, though some politicians have said that corporations going to extraordinary lengths to avoid paying income tax and that they are violating the spirit of tax laws.
In its statement, Apple said it paid “an enormous amount of taxes” to local, state and federal governments. "In fiscal 2012 we paid $6 billion in federal corporate income taxes, which is 1 out of every 40 dollars in corporate income taxes collected by the U.S. government," it said.
Apple was one of the first companies to use the accounting scheme called a "Double Irish With a Dutch Sandwich", where profits are routed through Irish and Dutch subsidiaries before finally landing in the Caribbean. Now, hundreds of companies use those methods.
NYT
This post was edited on 1/6/13 at 12:20 am
Posted on 1/6/13 at 2:35 am to iPadThai
Double Irish With a Dutch Sandwich .. catchy
Posted on 1/6/13 at 7:57 am to FunroePete
I always thought the "spirit of tax laws" was to do everything you could to get your taxes the lowest. Sort of like a game. Seems like Apple was the best at it and everyone else followed.
Posted on 1/6/13 at 8:14 am to iPadThai
quote:
Apple, for its part, allocates some 70 percent of its income to overseas affiliates where tax rates are much lower.
Doesn't the US have the highest corporate tax rates in the world?
Posted on 1/6/13 at 8:45 am to Lsut81
quote:
Doesn't the US have the highest corporate tax rates in the world?
which is why a lower corporate tax rate would (should) actually increase tax revenue
Posted on 1/6/13 at 8:50 am to HurricaneDunc
quote:
which is why a lower corporate tax rate would (should) actually increase tax revenue
Yup, it would bring more of that money from overseas back to the US...
Why the frick would ANYONE pay more in taxes than they legally have to? No intelligent businessman would...
Hell, you see Buffett up there saying "I can afford to pay more and millionaires should pay more" yet he has millions in outstanding taxes and his companies pay some of the lowest and ship money overseas.
Posted on 1/6/13 at 1:29 pm to Lsut81
I thought google invented this and an exposé on it was run on Bloomberg like 2-3 years ago?
Posted on 1/6/13 at 3:18 pm to iPadThai
Any predictions as to how politicians will respond to this? As wonderful as it would be for politicians to do nothing, the chances of a year long investigation resulting in no action seems slim.
With legislators, expect legislation.
So they'll either lower corporate tax rates (slim odds under this administration), or change the tax law. I'm going with added regulations to an already complicated tax system.
It will soon be illegal for corporations to order up a double irish with a dutch sandwich. To compensate, a DC area bar will make that a new menu item. Book it.
With legislators, expect legislation.
So they'll either lower corporate tax rates (slim odds under this administration), or change the tax law. I'm going with added regulations to an already complicated tax system.
It will soon be illegal for corporations to order up a double irish with a dutch sandwich. To compensate, a DC area bar will make that a new menu item. Book it.
Popular
Back to top
Follow TigerDroppings for LSU Football News