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Tim Cook Pens Open Letter on Tax Evasion Claims, Says Apple is Confident Decision 'Will be Reversed'
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Yet keysofanxiety has 11 likes on his comment and you have none. Maybe you should follow your own advice.
The moron mob of investors needs something to soothe them into not stampeding in blind panic.
if your tax guy apply loose codes to your income tax, your on the hook for the cash. not him. Apple knew what was going on at under 1%. Their tax guys and lawyers are paid an absurd amount of money to milk the crap out of the codes.
"Vestiges said this selective treatment allowed Apple to pay an effective corporate tax rate of 1 percent on its European profits in 2003 down to 0.005 percent in 2014. Therefore in 2014 Apple paid 0.005 percent tax on EU profits"
Seems perfectly reasonable and fair.
This isn't looking too good. Mr Cook personally cashing in $35,000,000 in stock days before the ruling that Apple owes 14.5 Billion dollars due to illegal tax evasion. Not looking good at all.
Seems perfectly reasonable and fair.
This isn't looking too good. Mr Cook personally cashing in $35,000,000 in stock days before the ruling that Apple owes 14.5 Billion dollars due to illegal tax evasion. Not looking good at all.
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Ireland disagrees.
Hey EU! You don't get to tell us what our law is!!
It's worse than that. Apple has been diverting taxable profits from other markets into Ireland. See this article about how they only paid $85 million tax on 8 billion in revenue in Australia http://www.smh.com.au/business/the-...almost-8-billion-revenue-20160126-gmej0z.html
(I realise it's revenue and not profit. So it's perhaps 2% tax they've paid here rather than the 1% suggested by those figures. Still an abysmal rate).
So you start a small business and your local government gives you tax breaks to stimulate the city's economy.
Five years later, when the financial crisis is over, they come back asking for back taxes at a higher rate.
How would you feel? You're not going to say 'Oh shucks, okay let me make up for what I didn't pay"
Yes, Apple paid very little, but wasn't everything done by the letter of the law?
Five years later, when the financial crisis is over, they come back asking for back taxes at a higher rate.
How would you feel? You're not going to say 'Oh shucks, okay let me make up for what I didn't pay"
Yes, Apple paid very little, but wasn't everything done by the letter of the law?
Of course, you are cherry-picking numbers and making random assumptions to make your point.
The article you cited claims $80 million in taxes on $200 million in profits. A 40% rate.
Hey Ireland, when you joined our big play pond, you signed a document agreeing on what the law is.
This is going to be a fun story over the next few months/years.
Who will end up looking like fools - will it be Apple forced to pay after being cited for doing something illegal or will it be the MacRumors majority who seem convinced Apple did something wrong.
100% Apple should pay if they did something illegal.
Where's my popcorn.
===========================
So much noise. So little substance.
Tim Cook on his personal cash:
- "Apple's Tim Cook will give away all his money"
http://www.reuters.com/article/us-apple-ceo-tim-cook-idUSKBN0MM2YM20150326
Tim Cook on Apple doing things to maximise shareholder return:
- "“When we work on making our devices accessible by the blind, I don’t consider the bloody ROI,” Cook said"
https://www.theguardian.com/environ...ok-climate-change-sceptics-ditch-apple-shares
"appropriately put back into the products you sell"
- "Apple's R&D expense saw a significant bump up beginning in mid-2014. It was clear Apple was up to something big. However, after looking at Apple's 2Q16 results, it appears I underestimated the situation. As depicted in Exhibit 1, Apple is now on track to spend more than $10 billion on R&D in 2016, up nearly 30% from 2015 and ahead of even my aggressive estimate"
http://www.aboveavalon.com/notes/2016/5/11/apple-rd-reveals-a-pivot-is-coming
The anti-Apple MacRumors hyperbole rises ever greater. Yet customer satisfaction remains sky high...
- Apple Watch - http://appleinsider.com/articles/15...action-outpaces-original-iphone-ipad---report
- iPhone (up 1 point from 2015 to 2016) - https://9to5mac.com/2016/06/01/american-customer-satisfaction-index-apple/
- iPad - http://www.patentlyapple.com/patent...tion-study-with-microsoft-gaining-ground.html
-MacBooks - http://www.digitaltrends.com/computing/macbook-leads-reliability-customer-satisfaction/
Happy to be proven wrong, but I'm afraid your feelings for the company are not enough to do that. Data would be great.
Who will end up looking like fools - will it be Apple forced to pay after being cited for doing something illegal or will it be the MacRumors majority who seem convinced Apple did something wrong.
100% Apple should pay if they did something illegal.
Where's my popcorn.
===========================
So much noise. So little substance.
Tim Cook on his personal cash:
- "Apple's Tim Cook will give away all his money"
http://www.reuters.com/article/us-apple-ceo-tim-cook-idUSKBN0MM2YM20150326
Tim Cook on Apple doing things to maximise shareholder return:
- "“When we work on making our devices accessible by the blind, I don’t consider the bloody ROI,” Cook said"
https://www.theguardian.com/environ...ok-climate-change-sceptics-ditch-apple-shares
"appropriately put back into the products you sell"
- "Apple's R&D expense saw a significant bump up beginning in mid-2014. It was clear Apple was up to something big. However, after looking at Apple's 2Q16 results, it appears I underestimated the situation. As depicted in Exhibit 1, Apple is now on track to spend more than $10 billion on R&D in 2016, up nearly 30% from 2015 and ahead of even my aggressive estimate"
http://www.aboveavalon.com/notes/2016/5/11/apple-rd-reveals-a-pivot-is-coming
The anti-Apple MacRumors hyperbole rises ever greater. Yet customer satisfaction remains sky high...
- Apple Watch - http://appleinsider.com/articles/15...action-outpaces-original-iphone-ipad---report
- iPhone (up 1 point from 2015 to 2016) - https://9to5mac.com/2016/06/01/american-customer-satisfaction-index-apple/
- iPad - http://www.patentlyapple.com/patent...tion-study-with-microsoft-gaining-ground.html
-MacBooks - http://www.digitaltrends.com/computing/macbook-leads-reliability-customer-satisfaction/
Happy to be proven wrong, but I'm afraid your feelings for the company are not enough to do that. Data would be great.
That article clearly states they made $123 million in profit after taxes, so $208 million before. That's a 40.1% tax rate.
Math's not that hard...
$200 million after transfer pricing, the real profit is alot higher .-)
Cook advocates for big, authoritarian-style government yet doesn't put his shareholder's money where his mouth is.
Perhaps the authoritarians in the EU should become competitive in terms of tax policy instead of using corporations to stealthily raise taxes on the citizens of the EU. Of course all the people saying, "yeah, sock it too Apple" seem not to realize, they are really saying, "yeah, sock it to everyone buying Apple products - particularly the poor who will pay a much larger percent of their income for these extra taxes."
It is odd how all the supposed champions of the little guy want them to pay more taxes or have to forgo the newest tech. Do they really just want to keep the poor from having the latest tech and the ability to compete?
Perhaps the authoritarians in the EU should become competitive in terms of tax policy instead of using corporations to stealthily raise taxes on the citizens of the EU. Of course all the people saying, "yeah, sock it too Apple" seem not to realize, they are really saying, "yeah, sock it to everyone buying Apple products - particularly the poor who will pay a much larger percent of their income for these extra taxes."
It is odd how all the supposed champions of the little guy want them to pay more taxes or have to forgo the newest tech. Do they really just want to keep the poor from having the latest tech and the ability to compete?
Give em hell Tim. As I have said before, Apple is following the tax laws on the books. If the EU wants to force Ireland to rewrites its laws fine. Let Apple Pay the new taxes if they decide to stay. But this retroactive business is the just wrong. So, give me hell Tim.
And how did they only have 200 million in profit for 8000 million in local revenue? Do you think Apple's margins are somehow a 20th in Australia compared to their global profit margin? No. The point is they have shifted the profit-base to Ireland, shafting Australia in the process.
Right on with all of these points. I could not agree more. Nothing has been shown that Apple did anything illegal. This is the EU trying to steal money to fund their sinking ship.
I find it weird how people are saying Apple did something wrong.
Should Ireland have laws that require higher corporate taxes? Maybe - that's not our debate to be had. The people of Ireland should be debating that. They're a sovereign country and can make their own decisions.
Should Apple have paid more? No. That makes no freaking sense. They should pay what they owe. It's not Apple's position to say "Hey, you should tax us a different amount Ireland. Here's the amount we think you should tax us." What amount should Apple pay? They should pay the amount the law says they should. There's no feelings or anything involved in this - the law is hard and fast. You work through the formulas to determine the exact amount that's owed.
Should the EU be stepping in? IDK - I'm not really sure what the role of the EU should be. I think of the EU's relationship with its member countries as being similar to the US's relation with its member states. If a state is violating the US constitution or US law, then whatever choices that state makes should be overturned. But for the most part, the US government leaves things up to the states. IE, it's up to the states to decide how much to charge for property taxes and sales taxes.
Unless the EU has some sort of law that explicitly talks about corporate tax rates, then it seems to me the EU has overstepped its boundaries. If that's the case, then this seems like it should be straight forward and it shouldn't take years to investigate.
Should Ireland have laws that require higher corporate taxes? Maybe - that's not our debate to be had. The people of Ireland should be debating that. They're a sovereign country and can make their own decisions.
Should Apple have paid more? No. That makes no freaking sense. They should pay what they owe. It's not Apple's position to say "Hey, you should tax us a different amount Ireland. Here's the amount we think you should tax us." What amount should Apple pay? They should pay the amount the law says they should. There's no feelings or anything involved in this - the law is hard and fast. You work through the formulas to determine the exact amount that's owed.
Should the EU be stepping in? IDK - I'm not really sure what the role of the EU should be. I think of the EU's relationship with its member countries as being similar to the US's relation with its member states. If a state is violating the US constitution or US law, then whatever choices that state makes should be overturned. But for the most part, the US government leaves things up to the states. IE, it's up to the states to decide how much to charge for property taxes and sales taxes.
Unless the EU has some sort of law that explicitly talks about corporate tax rates, then it seems to me the EU has overstepped its boundaries. If that's the case, then this seems like it should be straight forward and it shouldn't take years to investigate.
Nope.
That's a 2.6% profit rate. It's a little on the low side, but not exceptionally low.
https://www.aei.org/publication/the...-36-profit-margin-which-is-about-5x-too-high/
