Stuff like this illustrates the extraordinary ignorance of the left. Their greed blinds them to basic economics, basic business, and basic common sense.
After a lengthy inquiry, the committee found that the company had avoided tens of billions of dollars in taxes by shifting profits into Irish subsidiaries that the panel’s chairman called “ghost companies.”
If the U.S. had the lowest corporate tax rate in the world, guess where every company in the U.S. (and most around the globe) would stash their cash? If you’re not a progressive - you guessed it. In the U.S. Instead of “losing” billions in taxes (as progressives see it), we would be
gaining trillions in taxes. Consider the following:
Apple has accumulated more than $128 billion in profits offshore, and probably much more, that is untaxed by the United States and hardly touched by any other country. Nearly all of that was made over the past decade.
If we had even a 10% tax rate, Apple would have gladly brought that money home and we would have generated
$12.8 billion in additional tax revenues.
Instead of losing tens of billions in taxes from Apple (as they stashed their cash overseas to avoid the highest corporate tax rates in the world), we could have
gained more than twelve billion just from them. Lower tax rates would result in exponentially higher tax revenues to the government. But the left is just too greedy (and stupid) to understand that.
After a Tax Crackdown, Apple Found a New Shelter for Its Profits
