Saturday, April 28, 2012
You know you want it. (In response to Aislyn's post)
I just read and blogged about how Apple is using every trick in the book to dodge taxes, and I have to admit, I still want a new Mac. They are a guilty pleasure that I even relish. They rule the world through design. Their products are sleeker, sexier, better engineered, faster, and more reliable than any made by their competition.
While their products show the responsibility of a sustainable business model, their corporate ethics do not.
Do you think that multi-billion dollar corporation such as Apple has a responsibility to contribute a higher share of their earnings than 9.8%?
April 28, 2012 9:11 PM
Is Apple investing in profitable businesses while maintaining the ethics of an evil corporation?
Wall street analysts predict that Apple could earn as much as $45.6 billion this year, and yet they are dodging taxes like they are ENRON.
By setting up their subsidiary investments firm Braeburn Capital in Reno Nevada, they dodge California's 8.84% corporate tax rate. Apple also has subsidiaries set up in Ireland, the Netherlands, Luxembourg, and the British Virgin Islands. Apple's dealings make clear the glaring deficiencies in US tax code. They pioneered a technique called the "Double Irish With a Dutch Sandwich," which lowers taxes by routing profits through Irish Subsidiaries and then the Netherlands and the Caribbean. Hundreds of other corporations now use this scheme.
It is estimated that Apple saved 2.4 billion in taxes with it's dastardly chicanery. Apple did pay $3.3 billion in taxes on its profits of $34.2 billion Last year. That comes out to a tax rate of 9.8%. Walmart, often ranked among top evil corporations paid 24% tax last year.
How long can Apple conduct its operation in such a greedy irresponsible manner without repercussions? Does this knowledge affect your desire to buy Apple?
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