NEWSMAX: Now that tech darling Apple Inc. has been dragged front and center into the debate over the U.S. tax code, lawmakers are hoping that the spotlight on such a high-profile company could be the catalyst for Congress to take action to close loopholes or reform the law.
At a hearing Tuesday, members of the Senate Permanent Subcommittee on Investigations grilled Apple CEO Tim Cook over allegations that the company’s Irish subsidiaries help it avoid billions in U.S. taxes. It was a moment of high drama, a CEO of the world’s most valuable company testifying before Congress for the first time ever. Cook did so voluntarily. And he parried the volley of questions from senators, insisting that the company’s overseas operations have nothing to do with reducing Apple’s U.S. taxes…
The subcommittee released a report Monday that held up Apple as an example of the legal tax avoidance made possible by the U.S. tax code. Apple paid $6 billion in taxes last year. But the subcommittee estimates that Apple avoided at least $3.5 billion in U.S. federal taxes in 2011 and $9 billion in 2012 by using its tax strategy, and described a complex setup involving Irish subsidiaries as being a key factor… (more)
So the narrative is that Apple is bad because they comply with US tax laws legislated by congress. Laws so complicated it costs US citizens and companies billions of dollars annually to comply. Apple already manufacturers offshore. I wonder how long before it’s R&D and Corporate headquarters relocates offshore?