$54 billion of Apple's $83 billion cash pile is lounging in overseas accounts
Apple, along with Google and other corporate behemoths, has been lobbying for a while that the government introduces an offshore tax holiday, so it can repatriate its money back in the US, paying only 5%.
Government estimates have shown that about a trillion might be brought back this way, although similar exercises in the past have shown that the money doesn't actually show up in the economy, but rather the corporations sit tight on it, and grin with delight they avoided the 35% tax rate.
source: SeekingAlpha via TUAW
1. The_Miz (Posts: 1496; Member since: 06 Apr 2011)
First. Blame the greedy US politicians and the ridiculous high corporate tax. Course, Google deserves to be taxed for being a monopoly and for other things I shall not list.
2. denney (Posts: 98; Member since: 20 Oct 2011)
"The_Miz": The angriest uninformed twelve-year-old in the whole wide world.
4. Sackboy117 (Posts: 178; Member since: 17 Oct 2011)
did u use google search to find ur profile pic?
5. ZEUS.the.thunder.god (unregistered)
6. remixfa (Posts: 13902; Member since: 19 Dec 2008)
Mizzy.. mizzy.. you were so dead right until you started on the google rant that had no point or proof.
But Miz is right, as much as I dont like it, you cant hate the player for playing the game as the rules are set. Be mad at the referee and rule makers for making the game that way. Our super high corporate tax rate (2nd highest in the world) and extremely complicated tax code system (probably the most complex in the world) drive away a lot of business and most definitely a lot of money.
If they would drop corporate sales tax and income tax ..and go to a consumption only tax we would be the worlds largest corporate tax haven and trillions of dollars would come floating into the USA instead of out. That would do a lot for our jobs situation.
7. cellphonator (Posts: 298; Member since: 29 Oct 2011)
It can't be explained better than this.
3. DROIDX0430 (Posts: 409; Member since: 24 Nov 2010)
The article says Apple and this guy lashes out at Google. Of course all are wrong for doing this...but the article is about Apple hiding the loot
9. Whateverman (Posts: 3187; Member since: 17 May 2009)
Right, bot companies are equally as greedy, Apple just has more money to hide.
Also, how is Google a Monopoly? There are many other search engines, browsers, and smartphone OSs out there. Now I could understand if you called them a conglomerate, but I don't think they have a monopoly on anything.
8. InspectorGadget80 (Posts: 6215; Member since: 26 Mar 2011)
UNCLE SAM SHOULD HAVE APPLE PAY LOTS OF TAXES after all the money they keep bringing in
18. remixfa (Posts: 13902; Member since: 19 Dec 2008)
idiot statements like that are exactly why lawmakers keep doing stupid stuff like that to get re-elected. Its that exact policy that makes apple and everyone else hide their money over seas. OI.
LETS PUNISH SUCCESS AND THEN WONDER WHY NO ONE WANTS TO SUCCEED!!!
22. quakan (Posts: 1156; Member since: 02 Mar 2011)
@remixfa At the same time it's like a teeter totter: You give more money to the companies, then money is cut from education, social security, etc and vice versa. I'm all for making the billionaires take the cut instead of people who are struggling to make ends meet even with those social welfare programs.
23. ZEUS.the.thunder.god (unregistered)
agree with you. we cant blame the govt. for everything.
10. microgoogaple_21 (Posts: 3; Member since: 11 Jan 2012)
This is probably the smartest move but not the most fair. I think that however much they make in a country they keep that much in that country. So let's say they make 300mill in US one year (random amount) have them keep it here but if they make 350 mill in china have them keep it there so that they support the economies who support them the most.
11. jacko (unregistered)
apple dont want to pay taxes
everyone else as too on how much they earn so crapple you can too
12. roscuthiii (Posts: 1785; Member since: 18 Jul 2010)
f**k'em if they only want to pay 5%. Especially since portions of that money have been tax free and rolling over in investments for years in foreign trusts.
"Corporations are people" my ass. Wish all I had to pay on my income was 5%. Let the corporations pay the same amount regular people pay if that's what they want to be. Somewhere between 15%- 20%.
13. ph00ny (Posts: 590; Member since: 26 May 2011)
Yay charge apple tax on consumers and now on US Gov!!!
14. Tux4g63 (Posts: 115; Member since: 21 Oct 2011)
They should come up with a compromise. If Apple really wants to bring the $$ back here they should have a tax holiday that is equal to the lowest tax percentage amount in another comparable top 10 economy where Apple has an office. That way the incentive is still there that it is lower than the 35% rate the US has, but not the 5% that is clearly undercutting every other nation. I think Ireland charges 15%...this way Apple can bring there money home under the auspices they will inject it back into the economy, but when they don't, they will not have screwed the government for a 30% rate break.
16. xvengence42 (Posts: 20; Member since: 12 Dec 2011)
Apple earned money fair and square and its BS that the US is taxing it that much. Its not like they are going to do anything with it anywa
19. remixfa (Posts: 13902; Member since: 19 Dec 2008)
How else will Obama take another 50 million dollar vacation while we starve?
21. quakan (Posts: 1156; Member since: 02 Mar 2011)
That tax money helps to benefit less fortunate people. If the U.S. didn't tax them like that see how much money Apple or any billion dollar company would give up to help out. If you had $54 billion why would you even cry over losing nearly $20 billion of that, that will go back into the system of people who helped you earn that much. Greedy mentality is sickening.
17. iKingTrust (banned) (Posts: 716; Member since: 27 Jul 2011)
F it. Its not these compnaies responsibility to bail us out. Its our very own gov that got us into this mess. She Uncle same needs to fix this not Apple.
Cook keep that money out there.
20. 530gemini (Posts: 2198; Member since: 09 Sep 2010)
Wow. That's a lot of taxes. Can't blame Apple for keeping their cash somewhere else. The US government needs to do something about this if they want those $$$ to come back to the US.