Tuesday, May 21, 2013

TOO BIG TO TAX; SUPER-SIZING GREED




SUPERSIZING GREED
Johann Wagener 5-21-13


FIRST THERE WAS TOO BIG TO FAIL, THEN TOO BIG TO JAIL AND NOW TOO BIG TO TAX. WHAT NEXT?


Apple Inc. has used an elaborate web of offshore subsidiaries to avoid paying billions of dollars in U.S. taxes on $44 billion in foreign income over the past four years, a U.S. Senate investigation has found.
[A previous email alert sent by the Los Angeles Times incorrectly said Apple had avoided $44 billion in taxes.]
Many of the tactics, such as cost-sharing arrangements, are common among large multinational corporations seeking to shift profits to countries with lower tax rates. The investigation did not find that Apple violated any laws.
But Apple apparently has added its own innovation to skirting taxes – three of its subsidiaries in Ireland claim to have no responsibility to pay income taxes to any country, according to a 40-page, bipartisan report released today by the Senate Permanent Subcommittee on Investigations.

Read more; Apple to Congress: We do not use 'tax gimmicks' | ZDNet