Some argue that Apple is one of the smartest and most profitable companies in the world. We have to give them credit for transforming communications and bringing a whole new meaning to the word ‘telephone.’ Their products have revolutionized and transformed society. We have become a new type of human being, walking around, heads down, talking to invisible people and checking our scheduled lives on our wrists. What would Abraham Lincoln make of this society interconnected by invisible means but physically disconnected from each other?
As incredible as Apple’s inventions are, almost more incredible is that this technological giant has figured out a way to pay literally no global income tax. Wouldn’t it be a great world is the rest of us could do the same? It hardly seems fair that we, the people, are paying a chunk of tax every year and somehow, one of the wealthiest corporations in the world pays virtually nothing! To say again that government is asleep at the wheel is a major understatement. Here we are, going broke as a country, $20trillion in debt, and Apple pays not the 2% originally thought, but only 0.005% on non-US revenue in a special deal with Ireland where the standard corporate rate is 12.5%. This may be the smoothest legal sleight of hand in history!
On the other hand, the EU trying to squeeze $14.6billion from Apple doesn’t help us here in the US. We need Apple’s tax revenues right back here where they should have been in the first place. How are we ever going to pay off our national debt when our major corporations are giving the majority of their tax money to other countries? Who knows! The point here is that we are not any of it anyway.
Come on Congress, get off your backsides, and pass some laws that encourage large American corporations to be redomiciled in the US. Calculations made decades ago showed that if the corporate tax rates could be reduced to 15-20% all these companies that are currently overseas would be willing to return home.