njc wrote:Apple just paid 38 Billion dollars in taxes in anticipation of bringing 350 Billion back from overseas, where it was parked to protect it from a double-taxation regime inflicted by no other industrial country.
The first lie which comes from Trump's version of the announcement is that it's not 350 billion, rather around 250 billion. Yeah, that's a lot of money, but there was nothing in Apple's announcement that it would spend that money in the U.S. It doesn't need that money for any foreseeable U.S. investments.
The second lie in Trump's version is that Apple did not need the tax change to park that money in the U.S. They would not have to pay the tax until the money was spent which is probably no time soon since as stated they have enough U.S. generated profit to cover their needs. No spending, no taxes.
I've stated this in other forums, but I'll say it again here that if the Republicans or Democrats want to reduce the taxes on business, it is a simple solution. Do away with the business tax totally instead of playing their sham game. Change the code so that any profit must be passed on to individuals whether owners, stockholders, or employees. A certain percentage could be set aside for future funding of research or capital needs, but even that must be used within a reasonable time say ten years. Any additional needs beyond that could be funded by standard means of borrowing or bringing in more investors.
But politicians of either stripe won't make such a simple change to the tax code because the wealthy donors would then have to pay fair taxes on what they can now avoid and couldn't cry all the way to the bank about unfair business taxes. And the beat goes on. Take care. Vern