Tax reform is acknowledged as a priority need by almost everyone but nothing is getting done--in Washington or elsewhere. Wonder why? Well the most powerful corporations have a great deal right now paying only about 2% tax rate (see below)--why would Apple et al want tax reform where they might have to pay their fair share? There are plenty of lobbyists and lawyers paid by big corporations to block true reform from ever taking place in Washington. Here's an excerpt of just one of many stories--
Apple Is Hiding Billions Of Dollars From The IRS - Business Insider: " . . . Technology giant Apple shuttled $11bn (£7bn) into offshore tax havens in the fourth quarter of 2012, an analysis of its corporate filings has revealed. The iPad maker has slashed its tax bill by paying less than 2pc on its overseas profits, as it moves money through offshoots in low-tax countries such as the British Virgin Islands. Apple's completely legal tax avoidance strategies bring the total the company has sheltered from the US tax authorities to $94bn, according to a Sunday Times analysis. Corporation tax on Apple's overseas operations amount to just 1.9pc of profits, compared with a tax rate of up to 24pc in the UK and 35pc in the US. Apple is estimated to have avoided more than £550m in tax in Britain in 2011. Its latest accounts show UK turnover at just over £1bn and profit at £81.3m, generating a tax bill of £14.4m.
Read more: http://www.businessinsider.com/apple-is-hiding-billions-of-dollars-from-the-irs-2013-1#ixzz2JDMJHpv7
Tweet Follow @johnmpoole
The Big Picture
Financial Crisis - The Telegraph
JohnTheCrowd.com | The Sailing Website
Craig Newmark - craigconnects
- ► 2015 (131)
- ► 2014 (368)
- World is right to worry about US debt
- Police, Not Prisons, Cut Crime
- The History Trap
- This is why there is no tax reform
- £1bn Google London headquarters
- Obama still cleaning up the George W. Bush mess
- Another shooting victim in America's murder capita...
- Lawmakers slam DOJ prosecution of Swartz as 'ridic...
- Lofgren to introduce bill amending hacking law in ...
- Davos and the broken Western state model
- Santa Clara County economy best performing
- Government's Biggest Tax Bite
- The Beginning of American Decline?
- Windows 8 Is a Massive Microsoft Fail
- 2012 Election not a Mandate for either Obama or th...
- How Low Will Microsoft Go?
- Social Security - Why It’s Worse Than You Think
- Obama Administration's "Finest Hour"
- What is Driving US Health Care Spending
- Microsoft sweating the assets?
- Health Care Costs Driving Deficits
- Vitter: Harry Reid "an idiot" for Katrina comments...
- You gotta problem with Hagel or Brennan?
- Apotheker's Legacy of Wrecking HP Continues
- Antitrust, Politics, Economics
- Google Has Learned The Ways of Washington--Governm...
- The FTC, Microsoft and Google
- 2013 Ford C-Max Energi -- Car of the Year!
- FTC Announcement Concerning Its Investigation of G...
- 13 Predictions for 2013
- 2012 Losers in the Political Realm
- What you should know about the fiscal cliff deal
- Way to Go Microsoft! -- Windows 8 Adoption Rate Tr...
- ▼ January (33)
- ► 2012 (423)