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Vox: Apple could get a staggering $47 billion windfall from the tax bill
- Thread starter Lime
- Start date
Okay? I never said they should get breaks. I said that they don't owe you, John Q Taxpayer, anything so why would they give away the chance at free money when their ENTIRE PURPOSE as a publicly traded company is to make MORE money? You can dislike it all you want, I certainly find it sad, but it's not like consumers as a whole give a shit.
All this environmental stuff, the 100% renewable energy usage, the diversity initiatives, the privacy concerns (from Apple and a few others), the not using child labour in China etc, you think these big tech companies would do it if they *lost* money on it in the end? Maybe if we found a way to make them paying more taxes actually benefit their bottomline in a demonstrative way they would, but until then they are gonna get while the gettings good.
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No, because that would force them to acknowledge that they made an error in judgement. It will literally be every one and everything else's fault but their own and when they run out of scapegoats, they'll blame the devil.
They owe us the taxes that they should be paying just like I owe them the taxes that I should be paying. As part of society, you pay your share. Companies are not. Pretty simple.
Apple is the largest taxpayer in the world. Also, Cook has publicly argued against tax policies like this. It's amazing that Apple -- one of the greenest companies in the world, who makes products that are more accessible than most any consumer electronics company, who employees 80,000 direct employees in the U.S. with decent wages, has gone up against the FBI to prevent the government from gaining access to customer records when companies like Microsoft were happy to roll over for the Feds -- is by your estimation "just as shitty of a company". I cannot disagree with your estimation more emphatically.
I don't like apple but I'm typing this on a Macbook Air. :/
Do you know how much Apple has in the bank? Taking consumer dollars from all over the world and just hoarding it like Smaug? They can do what they want but I'm not gonna read posts like this and act like Apple is a great fucking company. Fuck that noise.
Do you know how much Apple has in the bank? Taking consumer dollars from all over the world and just hoarding it like Smaug? They can do what they want but I'm not gonna read posts like this and act like Apple is a great fucking company. Fuck that noise.
Welcome to every multinational corp. This is no different than the average person who gets "creative" with their tax returns, it's just at a huge scale. But people automatically think anything that large must be evil and ripping everyone else off. It's not like Apple are doing stuff others aren't, they just have more money because they're a more successful company.
Maybe you should get angry at your politicians for allowing companies to get away with this stuff, instead of getting mad at corps for taking advantage of the loopholes. If you don't want a corporatocracy or extreme wealth inequality, then fight for it.
As for me, I can recognize that these things need to change while also recognizing that Apple generally does a good job of working for the public good within the confines of being a publicly-traded corp that has to appease stockholders seeking maximum profit.
That response is Trumpian. "Hey don't blame me because I'm smart enough to take advantage of tax breaks. It makes me smart!"
I can blame both. Your worship of a company that does not care about you is weird. It's really weird.
Profit over everything else is one of the major issues facing the world.
I fight, I donate, I attend town halls. Don't presume to know anything about me. But I don't have billions to spend on corporate lobbying the way Apple does. So in reality, my opinion means dick compared to Apple's.
Apple is evil. They take money from consumers and don't invest it back in local infrastructure in any comparable way. And why? What is the point of the company having this much money? So they can hold press conferences where they pat themselves on the back because they shrunk some device by half an inch?
I can blame both. Your worship of a company that does not care about you is weird. It's really weird.
Profit over everything else is one of the major issues facing the world.
I fight, I donate, I attend town halls. Don't presume to know anything about me. But I don't have billions to spend on corporate lobbying the way Apple does. So in reality, my opinion means dick compared to Apple's.
Apple is evil. They take money from consumers and don't invest it back in local infrastructure in any comparable way. And why? What is the point of the company having this much money? So they can hold press conferences where they pat themselves on the back because they shrunk some device by half an inch?
Do you think the US should tax profits made in other countries?
In my mind at least, the problem is, you're not just going to pay all your employees more magically, dividing up the $47 billion. Salaries wouldn't be sustainable. Bonuses would cause a certain percentage of people to quit, which wouldn't be desirable, either.
The best they could probably do is reinvest it, or do something with their own stock, which, depending on how they do so, could have a variety of different stimulus effects. This investment might be stocks, etc., helping to finance another businesses, or it could be building "Campus 3", which could put a large number of architects, engineers, tradesmen, construction workers, and so on to work. Almost like a mini stimulus package. It could also be a dividend or stock buyback, passing the wealth to stockholders.
The problem is, as others have suggested, the most likely scenario is most of it going full Smaug into bank accounts and stock investments.
Those people don't even work for Apple and yet they've still forced companies to increase wages at rates they otherwise wouldn't have.
Ironically you get taxed as a citizen for money you make in other countries. Only the US does this.
If you're a company though, you can hide overseas money forever.
Yup. That's because laws are made by corporate interest groups and not the people. Watch "saving capitalism" on netflix.
80000 is nothing when compared to the american populus and they have more money than the US government. its not their fault that they are so rich, they had tremendous success with a revolutionary product and kept improving their product lineup. so kudos to them. however the system as a whole is not in the right balance when a giant corporation like this has a measely 80000 people employed. it means that their spendings on the economy are not very big compared to their size and the money just is locked away in an account for the rest of the economy.
your comment about data privacy. yes it is commendable but there are reasons for that. data privacy is becomming an important sales argument in particular in europe. MS also has put their data center in germany for european customers.
thats not entirely true. germany for example also taxes income abroad, as long as you at least have your usual domicile in germany.
Yes, the US should tax companies that operate out of the US on profits made in foreign countries, because the company, by existing in the US, is taking advantage of US things like roads, infrastructure, etc.
Anyway, these large companies usually end up paying less even with the worldwide taxation system (how it works in theory is here: https://taxfoundation.org/press-rel...tional-corporations-pay-foreign-income-taxes/), due to the way the US tax system works (https://www.npr.org/2017/08/07/5417...e-the-highest-corporate-tax-rate-in-the-world).
You get a foreign tax credit, so for the most part it doesn't affect an ordinary individual that works outside of the US. There is certain kinds of income, and an income level bracket, though, that affect this. That being said, you can always carryforward the credit so...
The US version is distinctive because you can literally have no property or residence in the US for decades and still are technically being taxed. Of course, they'll only really try to do anything if you come back to the US.
Interesting way to look at it, but with the current population of the US being at 323 million, it means each person is paying roughly $145 to Apple. Think of it like buying an imaginary iPod.
That is what they would do by paying taxes... If they payed them.
While bending over in China to censorship and lauding the CPC's vision of 'internet sovereignty", lol!
I think I already feel something trickling on my head! It's so warm. Thanks, Republicans!
So you are saying they are doing their fair share? Unless we start asking companies for what they are using, they won't!
I am not just talking about Apple, all companies.
So it should be taxed twice? Doesn't the US benefit from having a tax structure competitive with the rest of the world, and one that encourages money made abroad to be spent in the US and not somewhere else?
These big corps are like parasites. They love to profit off the people, but give as little as possible in return.
It's not taxed twice.
It's taxed, in theory, the difference between what the company paid in the other country and US' tax rate.
Also don't make me laugh. If the UD abolished worldwide taxation those companies would not spend any more money in the US. The US is already perfectly competitive with the rest of the world. Also, don't buy the shit they're selling, we have tax havens in the US. Many companies have no problem sheltering and hiding the money in the US due to state laws.
Apple is an exception, but that money Apple is crying about? They never paid taxes on it on the first place, thanks to the Double Irish and other strats. Now they want to bring it into the US tax free and pay nothing on it. Fuck them.
What wealth? Either you inherit your parents money (generation money) who happened to be very successful or you have to make your own.
Unfortunately I had to make my own and it's not worth much here in SoCal.
Unfortunately I had to make my own and it's not worth much here in SoCal.
If all of that were true, why would Apple want to bring it back into the states?
lol "if"? No, it is true. I only got my graduate degree in tax and work in public accounting now so I'd like to think I actually have a pretty good general understanding of this kind of stuff, but you are still totally capable of googling these things and figuring out the big picture.
Apple wants to bring it back for the same number of reasons why any large publicly traded company wants to bring money back into the states. If you're really curious, go read about what happened the last time the US gave a "tax holiday" to companies bringing money back in. (Spoiler alert: they rewarded their executives and spent money on everything but R&D, paying their employees higher wages, etc.)
Not that that matters at all why they want to bring the money back. The point is, if they do, they should rightfully be taxed on it.