Wyatt earp
Diamond Member
- Apr 21, 2012
- 69,975
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I still don't get why liberals get so upset with company's following the rules of the law, with taxes, bankruptcies or what ever..only an ex-CEO wouldn't do anything possible to save money for his/her company
Tim Cook says Apple won't repatriate money to US 'until there's a fair rate'
August 14, 2016
Apple CEO Tim Cook struck back at critics of the iPhone maker's strategy to avoid paying U.S. taxes, telling The Washington Post in a wide ranging interview that the company would not bring that money back from abroad unless there was a "fair rate."
Along with other multinational companies, the tech giant has been subject to criticism over a tax strategy that allows them to shelter profits made abroad from the U.S. corporate tax rate, which at 35 percent is among the highest in the developed world.
The move complies with the letter of the law, if not the spirit, as a few particularly strident critics have lambasted Apple as a tax dodger. The nonprofit Citizens for Tax Justice estimates that big companies have parked more than $2 trillion offshore,which is subject to more favorable tax rates.
While some proponents of the higher U.S. tax rate say it's unpatriotic for companies to practice inversions or shelter income, Cook hit back at the suggestion.
"It is the current tax law. It's not a matter of being patriotic or not patriotic," Cook told The Post in a lengthy sit-down. "It doesn't go that the more you pay, the more patriotic you are."
Cook acknowledged that Apple was effectively taking advantage of a massive tax loophole, which he said was perfectly legal." "The tax law right now says we can keep that [profit] in Ireland or we can bring it back."
Tim Cook says Apple won't repatriate money to US 'until there's a fair rate'
Tim Cook says Apple won't repatriate money to US 'until there's a fair rate'
August 14, 2016
Apple CEO Tim Cook struck back at critics of the iPhone maker's strategy to avoid paying U.S. taxes, telling The Washington Post in a wide ranging interview that the company would not bring that money back from abroad unless there was a "fair rate."
Along with other multinational companies, the tech giant has been subject to criticism over a tax strategy that allows them to shelter profits made abroad from the U.S. corporate tax rate, which at 35 percent is among the highest in the developed world.
The move complies with the letter of the law, if not the spirit, as a few particularly strident critics have lambasted Apple as a tax dodger. The nonprofit Citizens for Tax Justice estimates that big companies have parked more than $2 trillion offshore,which is subject to more favorable tax rates.
While some proponents of the higher U.S. tax rate say it's unpatriotic for companies to practice inversions or shelter income, Cook hit back at the suggestion.
"It is the current tax law. It's not a matter of being patriotic or not patriotic," Cook told The Post in a lengthy sit-down. "It doesn't go that the more you pay, the more patriotic you are."
Cook acknowledged that Apple was effectively taking advantage of a massive tax loophole, which he said was perfectly legal." "The tax law right now says we can keep that [profit] in Ireland or we can bring it back."
Tim Cook says Apple won't repatriate money to US 'until there's a fair rate'
