Tim Cook to Testify In Front of Senate Committee Over Apple's Tax Practices

Discussion in 'MacRumors.com News Discussion' started by MacRumors, May 15, 2013.

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  1. macrumors bot

    MacRumors

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    Apple CEO Tim Cook will testify in front of the U.S. Senate Permanent Subcommittee on Investigation next week, Politico is reporting. The subcommittee is attached to the U.S. Senate Committee on Homeland Security and Governmental Affairs.

    The hearing, titled "Offshore Profit Shifting and the U.S. Tax Code - Part 2" will occur at 9:30AM on Tuesday, May 21 in the Dirksen Senate Office Building.

    [​IMG]
    Representatives from Microsoft and HP testified on September 12 on the same topic.

    Apple recently borrowed $17 billion in a bond offering, in part to return cash to shareholders without bringing some of its $100 billion overseas cash pile to the United States. If it were to repatriate that cash to the U.S., it would need to pay a more than $13 billion tax bill.

    Article Link: Tim Cook to Testify In Front of Senate Committee Over Apple's Tax Practices
     
  2. macrumors 68030

    needfx

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    #2
    13% tax is not that bad
     
  3. macrumors 68020

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    #3
    How long until this thread goes into the PRSI forum?
     
  4. macrumors 68000

    Saladinos

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    #4
    Too right. I hope the Government clamp down on these freeloaders!

    Pay your fair share!
     
  5. macrumors member

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    #5
    An individual pays about 28% at the supposed middle class tax bracket I believe. Companies do provide jobs and that deserves recognition up front but their taxes pay for the infrastructure that enables american people to feel okay about owning their iPhone & iPad and MacBook and Macbook Pro and Apple TV and all their other iDevices.
     
  6. macrumors 68000

    aristotle

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    #6
    What does Homeland Security have to do with collecting of taxes?
     
  7. macrumors 68000

    Saladinos

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    #7
    Companies don't "provide" jobs like free WiFi.

    If they didn't employ anybody, they wouldn't exist. Providing jobs is an operating expense.
     
  8. macrumors member

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    #8
    Apple can afford to pay tax. And their home nation needs it...
     
  9. macrumors 6502

    chumawumba

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    #9
    What about his labor practices?
     
  10. macrumors 6502a

    hobo.hopkins

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    #10
    They're operating legally in order to maximise profit - that's what a business is supposed to do. If you don't like the law, then petition to have it changed; a company exploiting a legal - and not malicious - advantage is not them "freeloading." Hopefully hearings like this can illuminate that to the people who actually make law.
     
  11. macrumors G3

    Renzatic

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    I HAVE THE RIGHT TO DEFEND MYSELF, MY FAMILY, AND MY HOME WITH SEMIAUTOMATIC FIREARMS AND INCENDIARY WEAPONRY!

    :looks at watch:

    ...give it about 5 minutes.
     
  12. macrumors 68000

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    #12
    What a dumb attitude ....

    Seriously, the problem here is the government tax code -- not Apple (or ANY of the other successful American businesses who are put in the position of it being far more financially wise to keep the money they earn overseas in overseas investments, rather than bringing it back here).

    We've got an awful lot of people still living in some sort of fantasy-land if they think a business who makes millions of dollars in say, China or Germany, would just opt to lose a big chunk of that money "for the good of the United States citizenry" by transferring it back to U.S. banks!

    When we started this whole "global economy" thing, it meant businesses will happily do business ANYWHERE on earth it's profitable to do so. Apple would rather spend their earnings on hiring more employees or building better facilities in these other nations with the money earned there, if all the U.S. govt. wants to do is tax it as it comes back here.


     
  13. macrumors 68000

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    #13
    Freeloaders? Apple contributes more to the American economy than you would in 1000 lifetimes. Frankly, some of the tax code is completely overreaching. The more complex it gets, the more loopholes there are. Those with the resources to exploit it will. That's capitalism.
     
  14. macrumors regular

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    #14
    And if they didn't exist, nobody would have employment. It's a two-way street. Employers employ labor, labor works for employers.
     
  15. macrumors 68000

    Lancer

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    #15
    So Apple could help pay the US debt?

    Not that even $13bn would go that far.
     
  16. macrumors 6502a

    Kaibelf

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    #16
    Enlighten me. You have products that are built oversees, shipped overseas with local tariffs, put in stores overseas, and purchased overseas as well as taxed by the local sales tax there. Why does the US deserve any of that, when it's been taxed already, and exactly who is the freeloader?

    ----------

    I can't afford a new car. Hey I'll just take yours!
     
  17. macrumors 68000

    Saladinos

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    #17
    They also take more from the US economy than I would in 1000 lifetimes. They get more money in R&D tax breaks than I'll ever earn.

    And then they go and pay some ridiculous low share of tax. That has an effect on me. It means I need to pay more (a lot more, since as you mentioned, they are on a much larger scale).

    They may pay more in than I ever will, but they also do more damage than I ever could.

    Apple takes serious advantage of all the benefits the US (and other countries) give to them and their employees. We let them do business here and make profits here for one thing; no country is obliged to let them do that.

    We let them do those things because they are supposed to pay a fair rate for those benefits. They don't. They are freeloading.
     
  18. macrumors 604

    GFLPraxis

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    #18

    Except the money was already taxed when they made it overseas by the local governments. The U.S. wants to tax them a second time just for the privilege of moving the money here.
     
  19. macrumors 6502

    Joined:
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    #19
    Apple does pay a big sum to IRS every year, for anything it operates directly in the US. For its earnings in other countries, it pays the regarding taxes in those countries. The estimated 13% is the extra part.
     
  20. macrumors 603

    ArtOfWarfare

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    #20
    What of self employment, then? (I'm not at all suggesting that everyone should employ themselves, just that there is an alternative to being employed by someone else or being unemployed.)
     
  21. macrumors 6502a

    pirg

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    #21
    Quick head count. How many here pay greater taxes than they're legally obligated to?
     
  22. macrumors regular

    bag of kittens

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    #22
    Watch - Samsung will soon announce they have been talking to the US Senate about their tax practices "for months" now.
     
  23. macrumors 6502

    OtherJesus

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    #23
    The government and their welfare voters are the real freeloaders here. Makes me sick.

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    Lol epic post
     
  24. macrumors 6502a

    pirg

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    #24
    Haha, I believe the correct quote was "so long" :D
     
  25. macrumors 604

    GFLPraxis

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    #25
    Seriously, explain to me how they are freeloading. If they build a product in China and sell it in Germany, and pay German taxes on it, why should they have to pay U.S. taxes on it too?

    You'd think from the way you were writing that they were avoiding taxes on products sold in the U.S.. They're not. They are paying all fair taxes on U.S. income.

    The U.S. wants to tax post-tax money.
     
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