Apple uses Tax Code to avoid paying taxes on Billions in Profit. Congress upset

[Scout26]

“Apple wasn’t satisfied with shifting its profits to a low-tax offshore tax haven,” said Senator Carl Levin, a Michigan Democrat. “Apple sought the holy grail of tax avoidance. It has created offshore entities holding tens of billions of dollars while claiming to be tax resident nowhere.”

John McCain, the Arizona Republican who is the ranking member on the committee, added: “Apple claims to be the largest U.S. corporate taxpayer, but by sheer size and scale, it is also among America’s largest tax avoiders.”

Dear Senators Levin and McCain (among others),

You wrote the rules, they followed them.  What's the problem?

Sincerely,

Another US Taxpayer


Here's the full story.
Apple legally avoid billions in taxes.

[BlueStarLizzard]

Scout, I love the title of this thread. 

a well placed understatment is the unsung hero of comedy.

[makattak]

It's always funny how liberals, like the people who run Apple, are fanatical capitalists when it comes to THEIR money, but think EVERYONE ELSE ought to be paying more...

[Fitz]

Maybe if they would simplify the tax code and get rid of the bullshit, stuff like this wouldn't happen

I have no moral reservations about people taking advantage of our stupid tax laws

[BlueStarLizzard]

It's always funny how liberals, like the people who run Apple, are fanatical capitalists when it comes to THEIR money, but think EVERYONE ELSE ought to be paying more...

they could stand the Whole Foods effect. You know, CEO turned fiscle conservative when he realized you can't run a business off dreams and unicorn farts.

[Scout26]

Scout, I love the title of this thread. 

a well placed understatment is the unsung hero of comedy.

Thank you, thank you [bows deeply at the waist. ]

[Angel Eyes]

Dear U.S. Senate:

Did Apple break any Federal laws?  If yes, then have the DOJ prosecute.  If no, then shut up.

[roo_ster]

It's always funny how liberals, like the people who run Apple, are fanatical capitalists when it comes to THEIR money, but think EVERYONE ELSE ought to be paying more...

Everyone is conservative in their own area of expertise/business.

[Tallpine]

Yeah, they just need to close that not-breaking-the-law loophole 

[dm1333]

Where is the righteous anger towards these fat cat CEO's avoiding paying their fair share!  Or is that only for conservative fat cats who run oil companies and lord their corporate jets over us???   

[TommyGunn]

Rush Limbaugh commented on this today and said he might, if he has time, get into it deeper on tomorrow's program.
Carl Levin is a fatuous jackass.  As are those who jump on his moron bandwagon.

Yeah, they just need to close that not-breaking-the-law loophole 

D'oh!  THAT'S it!   


These *&^%&* Washington jackwagons ....write....the...law...then ...complain...when...people OBEY IT!

[Tallpine]

“Did you really think that we want those laws to be observed?” said Dr. Ferris. “We want them broken. You’d better get it straight that it’s not a bunch of boy scouts you’re up against—then you’ll know that this is not the age for beautiful gestures. We’re after power and we mean it. You fellows were pikers, but we know the real trick, and you’d better get wise to it. There’s no way to rule innocent men. The only power any government has is the power to crack down on criminals. Well, when there aren’t enough criminals, one makes them. One declares so many things to be a crime that it becomes impossible for men to live without breaking laws. Who wants a nation of law-abiding citizens? What’s there in that for anyone? But just pass the kind of laws that can neither be observed nor enforced nor objectively interpreted—and you create a nation of lawbreakers—and then you cash in on guilt. Now that’s the system, Mr. Rearden, that’s the game, and once you understand it, you’ll be much easier to deal with.”

[cassandra and sara's daddy]

someone needs to do a member by member expose on all the tax nonsense the congress critters and their families pull

[kgbsquirrel]

Dear Senators Levin and McCain (among others),

You wrote the rules, they followed them.  What's the problem?

Sincerely,

Another US Taxpayer


Here's the full story.
Apple legally avoid billions in taxes.

Dear Senators Levin and McCain (among others),

So exactly how much income tax did you pay on your Senator's salary again?

Sincerely,

Another US Taxpayer

[cassandra and sara's daddy]

UMMARY OF TAX RETURNS
Taxes Paid:
For 2006, Senator McCain paid $72,771 in federal income, alternative minimum, and self-employment taxes (LINES 57 and 58) on taxable income of $215,304 (LINE 43), which is a 33.8% tax rate. View

For 2007, Senator McCain paid $84,460 in federal income, alternative minimum, and self-employment taxes (LINES 57 and 58) on taxable income of $258,800 (LINE 43), which is a 32.6% tax rate. View

Charitable Contributions:
Senator McCain donates his royalties from his books to charitable organizations. This sum has totaled over $1,800,000 since 1998 when he signed his first book deal. Senator McCain's book income of $256,898 for 2006 and 2007 is comprised of earnings for Faith of My Fathers, Worth the Fighting For, Why Courage Matters, Character is Destiny, and Hard Call.

Beginning in 1991, Senator McCain has also donated the increase in his Senate salary for that year and each subsequent year to charity because he opposed the Congressional pay increase at that time and pledged not to accept the pay raises. The cumulative total of these donations is over $450,000.

2006
In 2006, Senator and Mrs. McCain donated $129,390 from community assets to charity, of which Senator  McCain's one-half allocation was $64,695. This is 19% of his adjusted gross income.

2007
In 2007, Senator and Mrs. McCain donated $210,933 from community assets to charity, of which Senator McCain's one-half allocation is $105,467. This is 27.2% of his adjusted gross income for the year.

Most of Senator McCain's contributions were made to the John and Cindy McCain Family Foundation, which makes direct contributions to charities. The Foundation's tax returns for 2006 and 2007, which include a list of the charities to which Senator and Mrs. McCain contributed through the McCain Family Foundation in 2006 and 2007, are available for download below. (2006 - 2007)

SUMMARY OF SENATOR MCCAIN'S ACTUAL (NOT COMMUNAL) INCOME [FROM STATEMENT A OF TAX RETURN]
 
 2006
 2007
 
Senate Salary:
 $161,675
 $161,708
 
Book Royalty Income:
 $80,390
 $176,508
 
Social Security Income:
 $22,104
 $23,157
 
US Navy Pension*:
 $56,496
 $58,358

[Perd Hapley]

Maybe if they would simplify the tax code and get rid of the bullshit, stuff like this wouldn't happen

I have no moral reservations about people taking advantage of our stupid tax laws

No kidding. It cracks me up that close adherence to every jot and tittle of the law is demonized as "taking advantage of loopholes." They're just following the law you gave us, you Congress-creeps. Following it as closely as ever they can, and finding every weakness you wrote in to it.

[Fitz]

We need to close the "congress saying dumb *expletive deleted*it" loophole

[slingshot]

Apple is trying to leverage a good deal to bring the money into the US.  The government should have changed the tax rules years ago as far as bringing profits back into the US.  That said, Apple is just using the laws to their advantage.  If necessary, I suspect they will simply invest and use the money outside the country eventually on new manufacturing.  Apple is in a good position that they don't seem to actually need this money to operate here.

[Scout26]

My tax exemption/deduction is your "loophole".

[just Warren]

It's not about what they write down on paper, you have to obey what is in their mind. Don't do that and you're wrong regardless of what the law says.

So to be right you have to read their books and articles, attend their conferences and attend to their every utterance in their TV and radio appearances and their blog posts. And then act on that information and just pray that when they disagree, and they will, you pick the proper side. You won't know what side that is, so pick one and hope for the best.

[Gowen]

I am really torn on this one, while I applaud anyone/business for paying the least amount of taxes they have to.... But a company as liberal as Apple who advocates socking it to the rich, kind of makes me angry that they are getting away with it.

[Monkeyleg]

But a company as liberal as Apple who advocates socking it to the rich, kind of makes me angry that they are getting away with it.

Well, they're in good company. We have a former Obama Treasury Secretary who evaded $120,000 in taxes. We have our new Secretary of State who registered his yacht in a neighboring state to avoid $500,000 in taxes. We have all sorts of "sock it to the rich" liberals who do everything possible to avoid paying taxes.

Watch what they do, don't listen to what they say.

[makattak]

Watch what they do, don't listen to what they say.

Which is, of course, the exact opposite of the practice of most of the voting public. (Let alone the public at large.)

[TechMan]

http://www.youtube.com/watch?v=nQmkKAcg62A

[Tallpine]

Well, they're in good company. We have a former Obama Treasury Secretary who evaded $120,000 in taxes. We have our new Secretary of State who registered his yacht in a neighboring state to avoid $500,000 in taxes. We have all sorts of "sock it to the rich" liberals who do everything possible to avoid paying taxes.

Watch what they do, don't listen to what they say.

Taxing the "rich" has always been about taxing the middle class.

The really rich can avoid most taxes.