Apple CEO Tim Cook appears today before a U.S. Senate Permanent Subcommittee on Investigations that's charging Apple with using had a web of offshore entities to avoid paying billions of dollars in taxes. Apple has $102 billion in offshore accounts and shifted billions of dollars in profits out of the U.S. into affiliates based in Ireland where it negotiated a tax rate of less than 2 percent, according to the panel’s report. But Cook won't apologize today. Quite the contrary. In prepared remarks already distributed to the media, he and Apple have the chutzpah to recommend lower corporate tax rates on foreign earnings, in order to encourage companies to bring cash back to the U.S. and not “undermine U.S. competitiveness.”
This is exactly the same argument being used by Google, Amazon, GE, and every other major corporation that's hiding its income abroad. It's the same argument they're using here in the UK. They couldn't care less about U.S. competitiveness, or British competitiveness, or the competitiveness of any other nation. Their only interest is shrinking their corporate taxes, reducing their costs, and making the most money they possibly can. I don't blame them: That's what corporations are supposed to do. But to dress this up as anything else is a sham.
Robert Reich - http://robertreich.org/
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