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Michael O'Connor

Apple case seen as possible spur to tax action - Yahoo! News - 0 views

    • Michael O'Connor
       
      This is the bottom line. They don't have enough money to pay the deficit off...so lets punish successful companies to do so
  • The focus on Apple's taxes comes at a time of heated debate in Washington over whether and how to raise revenues to help reduce the federal deficit
  • "We pay all the taxes we owe — every single dollar," Cook said. "We don't depend on tax gimmicks."
  • ...5 more annotations...
  • He punched out words when stressing the 600,000 jobs that the company supports, and underscored that Apple is the nation's largest corporate taxpayer.
  • Cook did so voluntarily
  • In effect, Apple is holding out for a lower corporate tax rate, and Cook spent some of his time in the spotlight to advocate for one, as well as a streamlining of the tax code to eliminate deductions and credits.
  • At the same time, lawmakers must tread lightly as they attack Apple, a company held in high esteem and whose ubiquitous products are seen as both innovative and indispensable
  • "What Apple is doing is pretty mainstream," said accounting expert Robert Willens, in an interview. Shifting around the intellectual property rights has a minor effect compared to the simple avoidance of U.S. taxes by not repatriating profits, he said.
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