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Excerpts of Apple Executives' Senate Committee Testimony on Tax Policy
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Senators grandstanding for the cameras. Oh, woe is me! Seems most of these comments are coming from people who have never seen a Senate or House committee hearing before today.
Yup. This has nothing to do with Apple, nothing to do with taxes, and nothing to do with the economy. This is all just about Senators pretending to do something so that they can continue clinging to power. Apple just makes a good prop because they're successful and more reporters will show up for the hearing.
That's what we call a false dichotomy. Those aren't the only choices. Decisions don't have to be based on one single factor.
Apple paid over 30% in taxes on profits earned in the US. There aren't very many individuals that pay that much.
The literally couldn't answer it. Because Levin kept cutting them off.
The folks making me out to be the bad guy here are kidding themselves. You do not play on the same field as an Apple Inc., stop acting like you do. A corporation can do a thousand things legally with their money you only wish you could.
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Or buy a major item over the internet instead of a local store because no sales tax is collected at purchase. THAT'S illegal tax evasion most of us have committed.
Since when did Apple not pay it's legal share of taxes in the US or anywhere else? Just wondering what you are talking about?
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Rand Paul may be the only honest politician in Washington. It's so refreshing to hear him tell the truth.
Since when did Apple not pay it's legal share of taxes in the US or anywhere else? Just wondering what you are talking about?
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Rand Paul may be the only honest politician in Washington. It's so refreshing to hear him tell the truth.
He's also not very bright and racially stereotypes. Did you see the dude's speech at Howard? lol
I thought he did a good job.. The profits made internationally are invested and the interest is taxed in the US. Or they bring the profits back to the US and then probably invest it again anyway.
If they are going to invest it in both scenarios why bother take the unnecessary tax hit?
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They pay the taxes they are legally required to pay. Why are these lawmakers angry with Apple for following the laws they created?
I think I learned more from the various Senators questions and statements than I did from the Apple executive's testimony.
Its pretty clear to me why we have the situation that we do: On one side of the aisle you've got people like Rand Paul, who think that Corporations should never have to pay a cent in taxes. And on the other you've got people who don't seem to understand that companies like Apple exist in a competitive world, one where a too-high tax burden can put even the most successful and innovative firm out of business.
As long as these two mindsets hold sway, the result will be gridlock - nothing will get done. We presently have a corporate tax code that dates from the 1950s and 60s - a time when US firms faced little if any global competition; and paid scant heed in investing or selling overseas.
A very simple example of how outdated the tax code is this: Look at how long it has taken the Government to address the problem of collecting Sales Taxes on Internet purchases. How long has Amazon been in business? Almost twenty years.
Doing away with Corporate taxes is not the answer. Neither is setting rates at confiscatory high levels. We ought to heed Tim Cook's words - and get both sides to agree to a simple, fair and effective rate for corporation, one that puts all businesses on a level playing field, and makes it a simple business decision as to where a company keeps its excess cash.
Its pretty clear to me why we have the situation that we do: On one side of the aisle you've got people like Rand Paul, who think that Corporations should never have to pay a cent in taxes. And on the other you've got people who don't seem to understand that companies like Apple exist in a competitive world, one where a too-high tax burden can put even the most successful and innovative firm out of business.
As long as these two mindsets hold sway, the result will be gridlock - nothing will get done. We presently have a corporate tax code that dates from the 1950s and 60s - a time when US firms faced little if any global competition; and paid scant heed in investing or selling overseas.
A very simple example of how outdated the tax code is this: Look at how long it has taken the Government to address the problem of collecting Sales Taxes on Internet purchases. How long has Amazon been in business? Almost twenty years.
Doing away with Corporate taxes is not the answer. Neither is setting rates at confiscatory high levels. We ought to heed Tim Cook's words - and get both sides to agree to a simple, fair and effective rate for corporation, one that puts all businesses on a level playing field, and makes it a simple business decision as to where a company keeps its excess cash.
I was not intending to paint you out to be the bad guy... I apologize if that was the impression.
Showboating. These high profile senate committee hearings are never really about information gathering anymore. Most of that comes in private meetings (notice Tim Cook had already met with John McCain and others on the committee). The ceremonial hearing is all about press coverage and political gains in the eyes of the public. I say lets bug congressional offices and post the streams on CSPAN
I agree.
I'm sure Apple has not broken any laws and is just doing what it legally is allowed to minimize it's taxes. Like others have said maybe it's the tax code that needs fixing?
I paid less than 30.5% in Federal taxes last year. Apple paid 30.5%. Congress wants them to take money they earned entirely overseas and pay 35% on it. And that's on money that was already taxed in a foreign jurisdiction.
I'd say I'm better off.
I don't realize how the creation of hundreds of thousands of jobs, mostly low paying, has anything to do with Apple not paying taxes. It's Apple's civic duty to pay taxes and as a very large corporation, I fully expect them to create many jobs.
Yes, I understand Apple likely did nothing illegal, but these are really Apples and oranges. Is Apple suggesting they are tax exempt or don't have to pay full taxes?
Yes, I understand Apple likely did nothing illegal, but these are really Apples and oranges. Is Apple suggesting they are tax exempt or don't have to pay full taxes?
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I definitely didn't suggest Apple would try something or that they were stupid. Regarding the other comment, I was referring specifically to the IRS. They have however many people on staff, and they wouldn't go after a large target unless they were almost sure that it would be a net gain relative to the cost of doing it.
I wasn't aware of that. Thanks.
Looks like WiiDSmoker either didn't watch the testimony or didn't understand a word said.
Rand Paul in neither Conservative or Liberal he is Libertarian. His statement is honest and refreshing. I don't agree with some of his ideas but I give him credit for stating exactly what he thinks come hell or high water. We need more like him.
The only person really criticizing Apple was Levin and it was about a recent extension of their contract with AIO. Now I do agree that if Apple is going to invest the money in US markets, they should pay taxes on both the investment profit (which they do) AND the funds they use to invest in US markets. You can't inject (or shouldn't be able to inject) foreign made money for investment in America without paying taxes on the money you used, not just he money you made from the investment. Now, Apple did nothing wrong and if I was Tim Cook I would do exactly the same thing. The point of this was so Apple could HELP congress determine how to reform the tax code to make it more fair across the board.
While I don't agree with a lot of his ideas. I give him maximum credit for stating what he believes and not being intimidated by naysayers like you. We need honestly in congress. He brings that. Whether you like or agree with what he believes is another question.
Again, we're talking about the Federal government, here, not a business trying to make a profit. The IRS doesn't care how much they spend to get their money. That's not their problem.
This is why we have a huge budget deficit and trillions in debt.
Apple created so many jobs that now Cook holds the Senators' balls in his hands and can do whatever he wants about paying more or less taxes