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(Business Insider)   Republicans livid that left-wing corporations can also use tax loopholes   (businessinsider.com) divider line 23
    More: Obvious, use tax, Republican, protection racket, tax code, Politics of the United States, loopholes, tax havens, Tom Coburn  
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4529 clicks; posted to Politics » on 02 May 2012 at 8:38 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-05-02 09:07:47 AM  
3 votes:
Allow me to interpret into Congresscritterlese:

Dear Apple,

The protection money is a little light. CISPA? Thank you in advance for the campaign 'contribution'.

Hugs and Kisses,
Both Sides
2012-05-02 08:46:09 AM  
3 votes:
how is apple a "left wing" corporation?
2012-05-02 09:37:46 AM  
2 votes:
I pretty much think the GOP is one of the most evil organizations on the planet, but some of what Imhoe said actually made sense... partially. The tax / regulatory structure in the US is screwy and needs reform. The ability for Apple and these other global firms to hide their profits and cash offshore is simply because the current tax system LETS them. It needs a complete restructure that undobtedly includes lowering the nominal tax rate and eliminating loopholes/credits/etc...

But beyond that it also needs to have policies that will help the country and workers, not just bottom line profits for executives. Things like installing big tax disincentives for offshoring, increasing import tariffs, etc... This whole "Job killing regulation / freer trade is good for everybody" mantra has clearly been proven false.

The BS of IBM basically moving to offshore everyone except sales and management is EXACTLY what government and tax policy is meant to address. When you put it a system that encourages a global "race to the bottom", you are just institutionalizing an economy of grand masters and an army of serfs. This type of structure is why Rich Saudis all think they are awesome business people... they aren't, they just have corrupt business deals implemented by armies of literal slaves from Pakistan, indonesia, the phillipines, etc... Unfortunately, the Saudi Model is exactly what the GOP has been following for the last 30 years as well.

Its all so farked up and institutionalized at this point in both parties that I honestly don't see any serious reform happening until the whole house of cards collapses. It really makes me sad for my kids.
2012-05-02 08:41:38 AM  
2 votes:
Apple is left wing?
2012-05-02 11:05:50 AM  
1 votes:

quatchi: As much as I hate to agree with Tom Coburn he's right about corporations like Apple using their foreign subsidiaries to dump profits into in order to pay less in taxes.

The fact that they pioneered some of the tax dodging schemes and are now encouraging other American based multi-national corporations to do the same thing does make them a fair target.

Somehow I find it hard to believe that anyone on the GOP is ever gonna actually do anything about it but the discussion is certainly useful and timely.


And here is the difference between liberals and conservatives.
Liberals will admit when their side does something bad. (I'm a liberal who hates apple with a passion)
Conservatives would jump off bridges if the President came out and said Don't jump off Bridges.
2012-05-02 10:18:19 AM  
1 votes:

karnal: bgilmore5

bulldg4life: I heard Warren Buffett pays stupidly low taxes, too. How many rich libs does it take for them to get pissed at that?

Ummm...hmmmm...Where do I start? Just in case you are not trolling. Ever heard of the Buffett rule? That has been proposed because even Warren Buffett thinks his taxes are too low.In all fairness, Coburn is consistent. You won't find too many instances of him flip-flopping.


What's stopping Mr Buffett from writting the IRS an extra check come April? He can run his mouth all he wants but if he is paying too little taxes it is because of the "loopholes" his accountants are using.
They all can talk a mean game but their actions speak volumes.


Read Stephen King's essay on the subject, then shut the fark up.
2012-05-02 10:14:58 AM  
1 votes:

karnal: He's betting on Republicans and politicans in general of being cheap and selfish and not having to match anything. He should take the lead....write the IRS a nice big check "Here America - just trying to help out." His 'match them dollar for dollar' ploy is just politics....if he believed in what he was saying he would just do it.


People who take aim at Warren Buffet for not doing the equivalent of donating money to the government really don't understand the issue. They hammer this into the ground over and over about him, the truth is that no rational person would give more taxes to the government on principle, and even if Warren did himself it would make absolutely no dent in the debt. He is advocating tax reform because he thinks everyone should pay a higher tax rate. I happen to think he also knows that as the debt goes up currency exchange rates and risk to the value of the dollar goes up, and fiscal responsibility with the deficit will be better in the long term for everyone, including himself, not to mention government stability being important. He's a very smart guy and people should listen to his ideas, not criticize him for not additionally paying what he thinks is a fair share.
2012-05-02 09:33:30 AM  
1 votes:

Bungles: Apple doesn't have a 9.8% tax rate. It has a 9.8% tax rate *in the US*.

I despise Apple as much as anyone sane, but global companies have a tax web across the entire globe, and that has to be taken into account.

If you want to tax foreign companies when they operate in the US, you can't object to US companies having a portion of their tax burden elsewhere when they operate globally.


no, RTFA

Apple has an effective tax rate of 9.8% by funneling profits through branches located overseas where tax rates are significantly lower. Corporations do this all the time, and then lobby Congress for a "tax holiday" where they can funnel all those profits back into the US at a minimal or nonexistant tax rate under the guise of repatriating the money so they can create more American jobs, where "American jobs" of course means multi-million dollar bonuses for their top executives.

It's a disgusting practice that needs to end.
2012-05-02 09:29:09 AM  
1 votes:
Because when I want tax justice, I turn to an Oklahoma Republican.
2012-05-02 09:17:17 AM  
1 votes:

LordJiro: Apple's products aren't, y'know, necessary for the country to keep functioning.


ExxonMobile also had roughly five times the revenue of Apple last year
2012-05-02 09:12:49 AM  
1 votes:

EWreckedSean: theknuckler_33: EWreckedSean: Remember kids, let's go after big oil. I mean, Exxon has a 7.6% profit margin and produces energy. Apple has a 29.6% profit margin and produces cell phones and tablets. It's obvious who we need to go after here to solve our revenue problem.

Yea, it's an either/or situation.

Oh, and the oil companies aren't going to sleep with you.

Except we don't go after Apple...


Apple's products aren't, y'know, necessary for the country to keep functioning.
2012-05-02 09:09:05 AM  
1 votes:

EWreckedSean: Remember kids, let's go after big oil. I mean, Exxon has a 7.6% profit margin and produces energy. Apple has a 29.6% profit margin and produces cell phones and tablets. It's obvious who we need to go after here to solve our revenue problem.


Why don't we go after both of them?
2012-05-02 09:08:19 AM  
1 votes:

theknuckler_33: EWreckedSean: Remember kids, let's go after big oil. I mean, Exxon has a 7.6% profit margin and produces energy. Apple has a 29.6% profit margin and produces cell phones and tablets. It's obvious who we need to go after here to solve our revenue problem.

Yea, it's an either/or situation.

Oh, and the oil companies aren't going to sleep with you.


Except we don't go after Apple...
2012-05-02 09:06:07 AM  
1 votes:
Exxon's 2010 US taxes:

U.S. federal: -$156 million
U.S. state and local: $110 million

Total US taxes -$46 million
2012-05-02 09:03:07 AM  
1 votes:
"Apple" is to "left wing" as "Saturn V rocket" is to "a house"
2012-05-02 09:00:52 AM  
1 votes:

EWreckedSean: Remember kids, let's go after big oil. I mean, Exxon has a 7.6% profit margin and produces energy. Apple has a 29.6% profit margin and produces cell phones and tablets. It's obvious who we need to go after here to solve our revenue problem.


Yea, it's an either/or situation.

Oh, and the oil companies aren't going to sleep with you.
2012-05-02 08:59:00 AM  
1 votes:

EWreckedSean: Remember kids, let's go after big oil. I mean, Exxon has a 7.6% profit margin and produces energy. Apple has a 29.6% profit margin and produces cell phones and tablets. It's obvious who we need to go after here to solve our revenue problem.


As disingenuous as this post is, you do have a point. Apple could obviously lower its prices one everything significantly because their profit margin indicates their costs of business are really low relative to what they charge their customers.

However, the tax code itself does not target individual companies so you can't have a punitive "Apple Tax" because they were smart enough to construct some kind super image in customers minds to make them want to pay very premium prices for their products.

Here is another reason why that fails: People aren't talking about going after Exxon because its going to balance the budget, people are talking about ending oil subsidies because with the record profits they are pulling in they are no longer necessary. The question is, why In this budget environment are we propping up an industry through subsidies that is pulling in record breaking amounts of profits?

There is another element of hypocrisy as well in that a big argument used against alternative energy sometimes is that it would require lots of subsides for them to be adopted. Well, the amount of subsidies received by oil companies and traditional energy corporations far dwarfs the amounts received by their alternative brethren.

Also, Exxon as you identified produces energy. A significant part of their products is gasoline. Gas prices are one of the huge red button issues for many Americans. When gas prices are already considered very high by many and you tell them that on top of fleecing their wallet several times a month these same people are helped by the US government one should expect the potential for an emotional response.
2012-05-02 08:57:49 AM  
1 votes:

EWreckedSean: Remember kids, let's go after big oil. I mean, Exxon has a 7.6% profit margin and produces energy. Apple has a 29.6% profit margin and produces cell phones and tablets. It's obvious who we need to go after here to solve our revenue problem.


How many direct subsidies does apple receive? How much government money and land has gone into creating a supply chain for Apple?

And who's arguing apple shouldn't pay more in taxes? Probably not the people arguing ending oil subsidies and tax breaks.
2012-05-02 08:54:22 AM  
1 votes:

jules_siegel: Apple is left wing?


This

/F Apple
2012-05-02 08:49:28 AM  
1 votes:
This is nothing that a few suitcases of cash won't solve.
2012-05-02 08:48:54 AM  
1 votes:
As much as I hate to agree with Tom Coburn he's right about corporations like Apple using their foreign subsidiaries to dump profits into in order to pay less in taxes.

The fact that they pioneered some of the tax dodging schemes and are now encouraging other American based multi-national corporations to do the same thing does make them a fair target.

Somehow I find it hard to believe that anyone on the GOP is ever gonna actually do anything about it but the discussion is certainly useful and timely.
2012-05-02 08:45:25 AM  
1 votes:

Lord_Baull: Not going to click the link, but it's probably safe to bet the essence of the article is:
Both sides are bad, so vote Republican.


That was a good guess, but no, it was actually a decent piece.

Apple, Google, Microsoft and many others have been playing this game for a long time. Good to see that people are starting to pay attention.
2012-05-02 08:45:21 AM  
1 votes:

Lord_Baull: Not going to click the link, but it's probably safe to bet the essence of the article is:
Both sides are bad, so vote Republican.


No, not even close.
 
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