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Truth is in favor of you and me; for the truth of our enemies whom we have been serving here in the U.S.A. for over 400 years (whom we did not know to be our enemies by nature) is the truth that the Black Man must have knowledge of to be able to keep from falling into the deceiving traps that are being laid by our enemies to catch us in their way which is opposed to the way of righteous of whom we are members. ~ The Honorable Elijah Muhammad

Wednesday, May 22, 2013

Make $30 billion and avoided paying $9 billion in U.S. taxes, the Apple way

Image representing Apple as depicted in CrunchBase
Image via CrunchBase
Apple went to Ireland, and it found a pot of gold. Or more precisely, it managed to bring in $30 billion in overseas profits over a four-year period without paying a dime of corporate income tax to the Irish, American or any other national government.

That is one key conclusion in a new report from the Senate Permanent Subcommittee on Investigations on the computer giant’s strategies for avoiding  U.S. corporate income tax.  It is a rare and detailed window into how multinationals juggle their international operations to avoid having to pay the taxman. This report may be about Apple, but the information it contains will sound familiar to anyone who has talked to tax lawyers or studied the 10-Ks of other major companies that do business around the world.  Read more...

C-SPAN | Watch: Apple CEO Pressed on Offshore Tax Practices
Apple CEO Tim Cook goes before a Senate Permanent Subcommittee on Investigations to testify on his organization's offshore tax practices. The hearing also features two additional panels with treasury department officials and tax law academics.

Related article:
Apple Inc AAPL.O Chief Executive Tim Cook made no apology on Tuesday for the iPad maker saving billions of dollars in U.S. taxes through Irish subsidiaries and told lawmakers that his company backs corporate tax reform, even though it may end up paying more.
The Senate Permanent Subcommittee on Investigations has found that Apple in 2012 alone avoided paying $9 billion in U.S. taxes, using a strategy involving three offshore units with no discernible tax home, or "residence."
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