If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(BBC-US)   Tim Cook's secret bolthole revealed. Snert   ( bbc.com) divider line
    More: Interesting, Apple, tax, Paradise Papers, Corporate tax, Irish subsidiaries, Ireland, Offshore company, corporation tax  
•       •       •

1795 clicks; posted to Business » on 06 Nov 2017 at 3:20 PM (32 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



29 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2017-11-06 02:53:33 PM  
These Paradise Papers docs are going to reveal a whole lot of secret shiat about how the super-wealthy don't really pay taxes like you and I.
 
2017-11-06 03:04:21 PM  
And nothing will become of it.
 
2017-11-06 03:11:29 PM  

FlashHarry: These Paradise Papers docs are going to reveal a whole lot of secret shiat about how the super-wealthy don't really pay taxes like you and I.


I kinda thought we already knew this. I guess this is just confirmation.
 
2017-11-06 03:15:06 PM  
But then it brings up the question: why we need to overhaul the tax system by giving millionaires and billionaires tax breaks when they don't really pay taxes in the first place.
 
2017-11-06 03:21:47 PM  

AckAckAck: But then it brings up the question: why we need to overhaul the tax system by giving millionaires and billionaires tax breaks when they don't really pay taxes in the first place.


img.fark.netView Full Size
 
2017-11-06 03:22:33 PM  
So according to Tim Cook, Apple "pays all of the taxes it owes, every penny" but doing so requires specialized tax consultants to find havens to store cash offshore so as to (in some cases) reduce their tax burden to 0.005%.

How about go f*ck yourself, Tim Cook?
 
2017-11-06 03:23:40 PM  
And we move ever closer to neofeudalism.
 
2017-11-06 03:27:02 PM  
The smartest tax attorneys work in the private sector, and they will always find ways around the laws written by the junior varsity.
/ Didn't Rick Romero do a piece on this once?
 
2017-11-06 03:31:19 PM  

Rev.K: So according to Tim Cook, Apple "pays all of the taxes it owes, every penny" but doing so requires specialized tax consultants to find havens to store cash offshore so as to (in some cases) reduce their tax burden to 0.005%.

How about go f*ck yourself, Tim Cook?


Cook has a fiduciary responsibility to make money for Apple's shareholders. If that means being clever to avoid taxes, so be it. Fix tax laws so Apple can't avoid taxes and he'll have no choice in the matter.

If you want Apple to pay taxes it doesn't legally have to, buy a share of stock and bring it up for a vote at the next a stockholder's meeting.
 
2017-11-06 03:34:06 PM  

Fear the Clam: Rev.K: So according to Tim Cook, Apple "pays all of the taxes it owes, every penny" but doing so requires specialized tax consultants to find havens to store cash offshore so as to (in some cases) reduce their tax burden to 0.005%.

How about go f*ck yourself, Tim Cook?

Cook has a fiduciary responsibility to make money for Apple's shareholders. If that means being clever to avoid taxes, so be it. Fix tax laws so Apple can't avoid taxes and he'll have no choice in the matter.

If you want Apple to pay taxes it doesn't legally have to, buy a share of stock and bring it up for a vote at the next a stockholder's meeting.


Oh, boy! I have good news then. Apparently the Republican majority of Congress and our president have decided to enact tax reform. This should all get fully sorted out.
 
2017-11-06 03:37:01 PM  

dr_blasto: Fear the Clam: Rev.K: So according to Tim Cook, Apple "pays all of the taxes it owes, every penny" but doing so requires specialized tax consultants to find havens to store cash offshore so as to (in some cases) reduce their tax burden to 0.005%.

How about go f*ck yourself, Tim Cook?

Cook has a fiduciary responsibility to make money for Apple's shareholders. If that means being clever to avoid taxes, so be it. Fix tax laws so Apple can't avoid taxes and he'll have no choice in the matter.

If you want Apple to pay taxes it doesn't legally have to, buy a share of stock and bring it up for a vote at the next a stockholder's meeting.

Oh, boy! I have good news then. Apparently the Republican majority of Congress and our president have decided to enact tax reform. This should all get fully sorted out.


Steve Jobs took all of Apple advertising on Fox News from Rupert Murdoch and told Rupert Murdoch that Fox News was the most destructive force in the country and he needed to fix his shiat.

When Kinga Kamayamaya Asshole says you are a bigger asshole, you might want to fix your shiat.

Since Jobs has done this Fox has had a hard on for Apple and hence so has the Republican party.
 
2017-11-06 03:37:42 PM  

AckAckAck: But then it brings up the question: why we need to overhaul the tax system by giving millionaires and billionaires tax breaks when they don't really pay taxes in the first place.


Because there are still some companies that haven't paid for top shelf tax lawyers who direly need to pay less taxes because fark us all that's why.
 
2017-11-06 03:40:54 PM  

Fear the Clam: Rev.K: So according to Tim Cook, Apple "pays all of the taxes it owes, every penny" but doing so requires specialized tax consultants to find havens to store cash offshore so as to (in some cases) reduce their tax burden to 0.005%.

How about go f*ck yourself, Tim Cook?

Cook has a fiduciary responsibility to make money for Apple's shareholders.


That's not true.

A CEO must act in the best interests of its shareholders. This does not necessarily mean make money.

There are many examples of CEO  of companies doing this.
 
2017-11-06 03:44:41 PM  

Fear the Clam: Cook has a fiduciary responsibility to make money for Apple's shareholders. If that means being clever to avoid taxes, so be it. Fix tax laws so Apple can't avoid taxes and he'll have no choice in the matter.


If one thing is certain, it's that none of this is Apple's fault. If the rules were harder to break, Apple wouldn't break them. Corporations gonna corporate.
 
2017-11-06 03:51:11 PM  
Apple said the new structure had not lowered its taxes.

Indeed. Water also found to not actually be wet, sky not blue.

/ they just did it for the fark of it
 
2017-11-06 03:55:09 PM  
 
2017-11-06 03:58:22 PM  

mcreadyblue: A CEO must act in the best interests of its shareholders


This is also somewhat wrong.
Non-profits and non-publics can have CEOs as well.
It would be more accurate to say is they should work towards the best interest of the company's intended purpose.

With American public for-profits, this usually involves the shareholders. In Japan and elsewhere, this is a bit different.

"The purpose of a business is to create a customer" - Peter Drucker
 
jvl [BareFark]
2017-11-06 04:04:49 PM  

AckAckAck: But then it brings up the question: why we need to overhaul the tax system by giving millionaires and billionaires tax breaks when they don't really pay taxes in the first place.


This is not about that.

This is money Apple made selling stuff in various countries where they have already paid tax (sales/gst and corporate tax) for it to those countries. A lot of countries, like the US, want to tax the earnings a second time if Apple brings the money into the US.

If we allowed Apple to do this, it would bring some of the money home and spend or invest it here. The double tax prevents that.
 
2017-11-06 04:07:33 PM  
Tim Cook's presidential run may be over before it starts.
 
2017-11-06 04:15:14 PM  

jvl: This is money Apple made selling stuff in various countries where they have already paid tax (sales/gst and corporate tax) for it to those countries.


And what countries were they paying that corporate tax to?

FTFA:
Up until 2014, the tech company had been exploiting a loophole in tax laws in the US and the Republic of Ireland known as the "double Irish". This allowed Apple to funnel all its sales outside of the Americas - currently about 55% of its revenue -through Irish subsidiaries that were effectively stateless for taxation purposes, and so incurred hardly any tax. Instead of paying Irish corporation tax of 12.5%, or the US rate of 35%, Apple's avoidance structure helped it reduce its tax rate on profits outside of the US to the extent that its foreign tax payments rarely amounted to more than 5% of its foreign profits, and in some years dipped below 2%. The European Commission calculated the rate of tax for one of Apple's Irish companies for one year had been just 0.005%.
 
2017-11-06 04:19:28 PM  
I love how Apple think that taxing 30% of app developers income is fair but cry when asked to pay a fair share of tax on their income.

Imagine the impact on the world if apple just vanished; what other company could possible market the next most obvious technological iterations?

On a completely different note; with the prevalence of gun maniacs in the US, I'm amazed that there aren't more attempts on the lives of voracious wealth-hoarders.
 
2017-11-06 04:27:15 PM  

Me_Too_I_Ate_One_Too: I love how Apple think that taxing 30% of app developers income is fair but cry when asked to pay a fair share of tax on their income.

Imagine the impact on the world if apple just vanished; what other company could possible market the next most obvious technological iterations?

On a completely different note; with the prevalence of gun maniacs in the US, I'm amazed that there aren't more attempts on the lives of voracious wealth-hoarders.


The GOP is targeting Apple not so much because of the taxes, but because they are very much in the public eye who has a gay CEO, who would not give them cart blanch to iphones, that pays for birth control, adoptions, etc.

You do not see them going after anyone else.
 
2017-11-06 04:36:16 PM  
CSB: I briefly did contract work for Lombard Odier, a 200-year-old Swiss private bank. My boss laughed at me when I asked how much tax our clients paid. "They come to us so that they may pay no tax!" he said. That was when the scales really fell from my eyes.
 
2017-11-06 06:56:20 PM  
78.media.tumblr.comView Full Size
 
2017-11-06 07:27:36 PM  
Forgive me for sounding too conspiracy-minded, but it would not surprise me at all if the leaks of these documents to the ICIJ were orchestrated by FSB assets at the firms from which the documents were leaked, both Panama and Paradise.

In other words, the ICIJ, wittingly or not, are probably being used to promote Moscow's "both sides are bad so fark democracy" narrative. People who embarrass the Kremlin, and only the Kremlin, tend to die ugly deaths.

That's not to say the documents are forged, nor that there was no wrongdoing by people of all ideologies and none. I just find it hard to believe an insider at a firm specializing in tax avoidance would suddenly decide it was time to do the right thing, risking his career and probably his life to do so.

Moving on:

Yes, households and firms, large or small, have no incentive to pay any more taxes than they can possibly get away with, and firms, especially, take great pains to avoid doing so. How this can possibly be news to any adult is beyond me.

Yes, the income tax systems of most jurisdictions wind up taxing labour more than capital, as capital is invariably much more mobile and finds it easier to quit any given jurisdiction than labour does.

Fine---tax consumption instead. Even Tim Cook has to eat, and it'll be much harder for him to pretend the takeout he had for supper was supplied by a Monégasque restaurant and not a Californian one, unless he's having his supper flown in by supersonic drone.
 
2017-11-06 08:44:23 PM  
Why is the fact that Tim Cook has a butthole a secret?

/Did I mis-read that, subby?
 
2017-11-07 11:09:53 AM  

jvl: AckAckAck: But then it brings up the question: why we need to overhaul the tax system by giving millionaires and billionaires tax breaks when they don't really pay taxes in the first place.

This is not about that.

This is money Apple made selling stuff in various countries where they have already paid tax (sales/gst and corporate tax) for it to those countries. A lot of countries, like the US, want to tax the earnings a second time if Apple brings the money into the US.

If we allowed Apple to do this, it would bring some of the money home and spend or invest it here. The double tax prevents that.


Oh, right, like paying taxes on the purchase price each time a car is sold prevents used car dealerships?
 
2017-11-07 11:30:31 AM  

xaks: Oh, right, like paying taxes on the purchase price each time a car is sold prevents used car dealerships?


Exactly
oh noes! double taxation!

gocomics.typepad.comView Full Size
 
2017-11-07 11:54:53 AM  

OkieDookie: Why is the fact that Tim Cook has a butthole a secret?

/Did I mis-read that, subby?


img.fark.netView Full Size
 
Displayed 29 of 29 comments

View Voting Results: Smartest and Funniest

This thread is archived, and closed to new comments.

Continue Farking

On Twitter





Top Commented
Javascript is required to view headlines in widget.
  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.

Report