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How Apple scores
its lower tax bill

CNN Money, by Jeanne Sahadi

Original Article

Posted By:earlybird, 5/22/2013 7:11:13 AM

Apple is one of America´s most profitable companies. And it pays a substantial income tax bill to the U.S. government -- by its own account, $6 billion in 2012 and an estimated $7 billion this year. But many tax experts and lawmakers say Apple´s tax bill should be bigger. A lot bigger. The concern is that Apple (Snip), while complying with U.S. laws, is nevertheless taking advantage of loopholes in the tax code to shift a substantial amount of income to offshore subsidiaries in low-tax countries. The result is billions of dollars in profits every year that go untaxed.

Comments:
As the Wall Street Journal editors report in an editorial posted down the page, Apple has done nothing illegal. For all of his frenzied digging, Carl Levin has turned up nothing.

      


Post Reply  

Reply 1 - Posted by: earlybird, 5/22/2013 7:12:58 AM     (No. 9339091)

As the WSJ opines, this is a well-timed diversion from Obie´s other problems at the IRS - and fits right into his standard rant against big corporations and loopholes.

Good boy, Carl. You can have another cookie.

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Reply 2 - Posted by: god of irony, 5/22/2013 7:22:03 AM     (No. 9339106)

Hey Jeane Sahadi maybe you and CNN should take a serious look at GE and $0 tax liability if you are really concerned.

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R-G1
  
R-VAR_AD


 
Reply 3 - Posted by: dp1950, 5/22/2013 7:25:25 AM     (No. 9339114)

Some members of Congress are cross that corporations are taking advantage of the tax laws that congress themselves created to lower their taxes. If they are so disturbed then repeal the laws and start over.


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Reply 4 - Posted by: miceal, 5/22/2013 7:28:30 AM     (No. 9339120)

Did they pay what they owed? Did they follow the law? I do believe the answer to both questions is YES! Apple did NOTHING WRONG! Good God, how low have we fallen...?

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Reply 5 - Posted by: Words have Meaning, 5/22/2013 7:33:16 AM     (No. 9339131)

CNN would have done the same thing if they any profits.

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Reply 6 - Posted by: Heil Liberals, 5/22/2013 7:33:57 AM     (No. 9339132)

Scenario 1 - Apple uses the tax laws as they exist today worldwide to maximize profits. With these profits, Apple pays shareholders, invests in research and development, and pays it legal tax obligations in the countries it does business.

Scenario 2 - The United States government confiscates Apple´s profits through excessive taxation. Apple reduces investment in R&D, shareholders make less on their investments, people are laid off as Apple seeks to increase profit by reducing capital costs. Government wastes billions of the taxes it confiscated from Apple, producing nothing. It pays bonuses to government employees, for what reason I know not since government employees do nothing to produce a profit.

It´s enough to make your head explode!

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Reply 7 - Posted by: technobot, 5/22/2013 7:39:44 AM     (No. 9339142)

Option 3:

Apple leaves US

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Reply 8 - Posted by: Country Boy, 5/22/2013 7:57:22 AM     (No. 9339177)

Agree with all the above, especially #7. Congress keeps this cr*p up, it will happen.

Early 1990´s they had MSFT in the crosshairs, some BS story about a "monopoly" (that never happened). It was Bill Clinton Justice Department. The suit died when rumors circulated that MSFT was going to move from headquarters in Redmond, WA to Vancouver, which is not in the U.S.

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Reply 9 - Posted by: stablemoney, 5/22/2013 8:16:20 AM     (No. 9339217)

I would rather Apple keep the money, invest it, and create jobs than give it to Carl Levin and Obama and the rest of the corrupt democrat politicians. How many innovations and jobs has Carl Levin ever created? How much wealth has Carl Levin ever created to be taxed?

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Reply 10 - Posted by: bobgray2, 5/22/2013 8:25:38 AM     (No. 9339240)

If Apple did not take advantage of every tax law applicable to maximize their profit, they would be acting in a manner inconsistent with proper business practices and not in the best interest of it´s shareholders.

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Reply 11 - Posted by: bogeegolf, 5/22/2013 8:38:42 AM     (No. 9339283)

IMHO The Apple CEO should have said Let´s have a show of hands, How many of you in congress, in your business or personal taxes, pay more than the law requires? Let the record show nobody raised their hand. Now excuse me I have to go actually produce something.

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Reply 12 - Posted by: Rotten In Denmark, 5/22/2013 8:44:27 AM     (No. 9339293)

To our esteemed Senator Levin, please read and heed the following you dinosaur: "while complying with U.S. laws, is nevertheless taking advantage of loopholes in the tax code...", and who put those advantages in there kind sir? You, you old fool on the hill, you guys and gals writ large!

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B-G1


 
Reply 13 - Posted by: Felixcat, 5/22/2013 8:55:40 AM     (No. 9339327)

The Obama Admin picking winners (GE) and losers (Apple).

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Reply 14 - Posted by: jimmiet, 5/22/2013 9:57:26 AM     (No. 9339428)

Apple takes advantage of the tax code as it is written as does every other corporation in America. Apple´s tax attorneys are smarter than the tax attorneys who work for the treasury dept and that is what this is all about.

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Reply 15 - Posted by: Brittany, 5/22/2013 11:19:17 AM     (No. 9339587)

Congress created this by making companies pay high (almost double) taxes if they return profits home after paying taxes abroad. One of my stocks just moved its HQ to Ireland (complicating my taxes) and will pay lower taxes to U. S. Congress is so disfunctional.

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Reply 16 - Posted by: mickturn, 5/22/2013 2:46:28 PM     (No. 9339977)

Loopholes in the Tax Code...put there by the same clowns in Congress for ´their friends´...Now we know!

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