• Light/Dark
  • Ever wanted an RSS feed of all your favorite gaming news sites? Go check out our new Gaming Headlines feed! Read more about it here.

NYT: Leaked documents shows tech giant Apple hiding "billions of dollars" from U.S.

Deleted member 3812

User requested account closure
Banned
Oct 25, 2017
8,821
The NY Times obtained leaked documents showing that tech giant Apple is hiding "billions of dollars" from the IRS: https://www.nytimes.com/2017/11/06/world/apple-taxes-jersey.html

After a Tax Crackdown, Apple Found a New Shelter for Its Profits
The tech giant has found a tax haven in the island of Jersey, leaving billions of dollars untouched by the United States, leaked documents reveal.
Click to expand...
Click to shrink...

Apple has the most money hidden from the U.S.

Capture5.PNG
 

Shoeless

Member
Oct 27, 2017
6,978
I feel like the old 19th century American journalism term "robber barons" is gaining more and more relevance in the 21st century.
 

Thisman

Banned
Oct 25, 2017
2,841
Apple has been doing this since 1980s . An open secret
How is this surprising .

Most wealthy company has the most money overseas
 
PanickyFool

PanickyFool

Banned
Oct 25, 2017
5,947
Well it's not really "hiding."

It's a subsidiaries income as reported on the books to the company's American auditors.

As a small business owner my annoyance was always that I get taxed at 45% because I don't have an avenue to"spend" and subsequently invest money overseas.

Now that we have grown out of small business, I am currently opening a foreign subsidiary and hiring foreign employees because it is an easy way to half our corporate tax burden while getting more return for our investment. (Cheaper and better labor).
 

Deleted member 4461

User Requested Account Deletion
Banned
Oct 25, 2017
8,010
Is this surprising? Genuine question. I thought standard assumption is that big companies have money overseas.
 
Disclaimer

Disclaimer

Member
Oct 25, 2017
11,458
If only corporations counted as people when it came to penalization from the law, rather than simply when beneficiaries of it.
 
Rayne

Rayne

Member
Oct 25, 2017
3,633
This is super old news.

Which is why when people shill for Apple my eyes roll so hard.
 
intheflorsh

intheflorsh

Banned
Oct 25, 2017
515
The opening quote from the article is brutal:
"We pay all the taxes we owe, every single dollar," Mr. Cook declared at the hearing. "We don't depend on tax gimmicks," he went on. "We don't stash money on some Caribbean island."

True enough. The island Apple would soon rely on was in the English Channel.
Click to expand...
Click to shrink...

I'm wondering if this leak has anything to do with the Paradise Papers.
Edit: Apparently so
 
eyeball_kid

eyeball_kid

Member
Oct 25, 2017
10,224
This isn't new, and Apple isn't paying any less tax in the EU than they were before; in fact, they're paying more tax to Ireland -- they pay 6% of Ireland's total tax revenue -- than before. And from what I've heard on the BBC, Jersey isn't a "tax haven", it's just got good tax rates.
 

Deleted member 28564

User-requested account closure
Banned
Oct 31, 2017
3,604
Oh, I see Exxon Mobil made the list. Anyways, these companies are only demonstrating to the public how smart they are. I'm genuinely amused by these leaks, though. How many companies and individuals have been caught out already? Do you think they simply reassure themselves with lines like "Oh, what are the chances that they'll find out about us?".
 
Particle Physicist

Particle Physicist

Member
Oct 25, 2017
3,761
While Apple has the most, I feel like focusing only on them lets the other companies on that list off the hook. All those companies should be chastised.
 
Rune Walsh

Rune Walsh

Too many boners
Member
Oct 25, 2017
6,019
Just think of the good that money could do. There's your free college, Healthcare and infrastructure with plenty leftover for jobs training and veterans services. But nope, greed is more important.
 
Serene

Serene

Community Resettler
Member
Oct 25, 2017
52,522
Is anyone surprised by this? Gotta be the most open secret in the world that businesses do this.
 
Conciliator

Conciliator

Member
Oct 25, 2017
5,122
whitehawk said:
Wtf?

This is huge, right?
Click to expand...
Click to shrink...

well

I mean, is giant multinational tech-corps quasi-legally laundering billions upon billions of dollars of profit through complex combinations of tax haven laws, deceptive accounting mechanisms, special interests lobbyists and domestic tax loopholes huge?

If so, then yes, but not really new information.

EDIT: I guess it's more like reverse laundering
 
Getting Away With It

Getting Away With It

Member
Oct 27, 2017
797
eyeball_kid said:
This isn't new, and Apple isn't paying any less tax in the EU than they were before; in fact, they're paying more tax to Ireland -- they pay 6% of Ireland's total tax revenue -- than before. And from what I've heard on the BBC, Jersey isn't a "tax haven", it's just got good tax rates.
Click to expand...
Click to shrink...
Yeah....that just isn't correct. At all.

It's tough to find more recent figures, but here's an article from 2014 on it.

https://www.irishtimes.com/business...11bn-profits-at-irish-unit-1.1715727?mode=amp

They're currently preparing for a legal battle to avoid paying €13 billion in back taxes to Ireland, but that is slightly different (and still nowhere close to being 6% of Irish tax revenue, which was around €45 billion last year.
 
WedgeX

WedgeX

Member
Oct 27, 2017
13,168
Banks like Chase that hide profits from taxation should lose access to the Federal Reserve's discount window.
 
EarthBound64

EarthBound64

User was permanently banned at own request
Banned
Oct 25, 2017
1,802
Connecticut
Rune Walsh said:
Just think of the good that money could do. There's your free college, Healthcare and infrastructure with plenty leftover for jobs training and veterans services. But nope, greed is more important.
Click to expand...
Click to shrink...

The article lists Profits, not Taxes that would have been paid.
Granted, the taxes would have still been significant, but not 1 trillion +
 
You must log in or register to reply here.