|Jan 4, 2013, 02:53 PM||#1|
Apple Paid $6 Billion in Federal Income Tax in 2012, 1/40 of All U.S. Corporate Income Tax Collected
The New York Times reports on a congressional investigation into the tax policies of technology giants, including Apple.
The Senate Permanent Subcommittee on Investigations is nearly finished with a year-long investigation into the methods that large technology companies use to avoid paying U.S. corporate income tax. Apple, for its part, allocates some 70 percent of its income to overseas affiliates where tax rates are much lower.
It appears that all of Apple's techniques are legal by U.S. law, though some politicians have said that corporations going to extraordinary lengths to avoid paying income tax and that they are violating the spirit of tax laws.
Apple also has moved revenue to its Braeburn subsidiary in Nevada and International locales where the company pays little to no tax.
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Article Link: Apple Paid $6 Billion in Federal Income Tax in 2012, 1/40 of All U.S. Corporate Income Tax Collected
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