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Apple May Bring Back Billions In Profits To The U.S. (siliconbeat.com)
An anonymous Slashdot reader quotes a report from the San Jose Mercury News:
Apple CEO Tim Cook says the company plans to bring back billions of dollars in profit to the U.S. next year. Cook's statement, made during an interview with RTE radio Thursday, contradicts his previous public statements on the issue: He has said for years that U.S. corporate taxes are too high, and that the Silicon Valley company wouldn't be repatriating profit until its home country changed its tax code.
"Right now I would forecast that we repatriate next year"Cook said, saying that the company has "provisioned several billion" for that purpose.
An interesting side-note: Apple accounts for 40% of Silicon Valley's profits.
"Right now I would forecast that we repatriate next year"Cook said, saying that the company has "provisioned several billion" for that purpose.
An interesting side-note: Apple accounts for 40% of Silicon Valley's profits.
Apple just wants to scare the EU, there are plenty of other countries they will hold their money that won't charge as much as the US will.
The money certainly was "in the US". iPhone sales in the US result in profits in Ireland, substantial profits.
most likely a result of there tax haven (Ireland) no longer being as safe a place as they thought to hide there stolen billions.
You keep using that word. I do not think it means what you think it means.
And also lower than they were in most of the 20th century. If corporations paid higher taxes in the US, maybe we could have fewer mentally ill homeless pooping at the bus stop. Maybe we could have better public education. Maybe we could have a social safety net. Maybe we could have federal funding for... oh never mind, this is slashdot.
If you want to live in a civilised society, taxes are the price you pay.
One of the most fucked up parts of being an U.S. citizen is that even if you work, live, breath on foreign soil you still need to report everything to the US tax office.
Basically the only country in the world that will keep fucking you over even after you try to leave it behind for ever. Glad I'm not a 'citizen'.
- These characters were randomly selected.
"it means exactly as it was meant to mean. They made an illegal deal with the Irish government to act as a tax haven to shelter their earnings from other countries. You can call it profit shifting, tax minimisation or whatever the hell you want, but it has been declared illegal finally and I call it theft."
Not at all, it has been considered as an illegal subsidy/gift _from_ Ireland to Apple and the Irish are now 'forced' to ask for that 'gift' back, just like other countries before them.
Demonstrating, yet again, that the US only cares about its own, and nothing and nobody else. Such an insular country and people, obsessed with money (you mention rich foreigners, nowhere do you discuss any other aspect they may have).
And who the hell wants a baby that's going to be taxed when it's born to foreign parents, lived its life on foreign soil, and never knew the US at all? That's baby tourism. What you're talking about before that is actually immigration, which is universal (they are 30,000 people in France at the moment trying to get to the UK, the demand has little to do with it being a benefit to the country they are trying to get to).
Those people coming in to the US, they have citizenship of other countries. Those countries - without exception - do not tax them while they spend their lives in the US. The US tax people who have left the US, however. Until their denounce their citizenships entirely.
This means that your students never stray outside your borders. They can't. They can't afford to be taxed by others and by the US at the same time.
This means that your professors and other academics cannot travel and work outside the US. Not without being penalised much more than their peers in other countries, or denouncing their citizenship - which is a one-way street. If they want to go work on a project on an Australian telescope, they are double-taxed all they time they do, unless they decide to leave the US permanently and live and work in the other hundreds of countries the world over that don't do that to them.
What you've got is a system that keeps all the worst - the "baby tourists", the illegal immigrants, the jobless and the stupid - and punishes anyone who wants to see the world, work internationally, or do any kind of international collaboration. It's called brain-drain and double-taxation is the PERFECT way to cause it.
And the problem is that it's a self-reinforcing problem. The more stupid people that stay and the more clever, innovative, and internationally-demanded that leave, the more people left behind think it's a "good thing", and you end up with a Donald Trump situation where the whole world are looking at you thinking "You fucking idiots" and yet half your country are cheering him on because everyone with a brain already left or will be forced out.
You're not alone - Brexit is going to have roughly the same effect unless they can guarantee rights for EU people already working here, but we're not stupid enough to tax them for even trying to go and work with the rest of the world
My girlfriend is a Dr (which means something over here), and Italian - Italy PAID HER to come to the UK. They PAID HER to study here. They do not tax her while she's not at home. The UK PAY HER over the odds to come here, as only a handful of people can do her job, which is taxed in the UK only.
She works in a NHS hospital diagnosing genetic diseases and cancers.
Her friends, almost to a person, are all EU, or foreign citizens. Mexico, Spain, France, Italy, Romania, Poland, Russia. They ALL PAID their people to come to the UK, get educations, make the big bucks and send money home. Because they know that nothing beats international experience, recognition, education and talent. They don't tax anything while they're not on their home soil.
Those people are going to retire back to the country, or they are going to qualify quickly and bring back foreign expertise, techniques, standards and better ways of doing things - for free. They are going to earn bigger money than their home countries could afford (my gf literally laughs at what Italy will pay her to do the same job over there) and send it home. And they will have well-rounded, collaborative careers.
The US are basically fining people for wanting to go to the rest of the world. You can't study abroad. You can't work abroad. Even places like China and Korea don't stop that for their academics. Hell, you get less holidays than just about every other country in the
Actually it was in the US.
Look up "transfer pricing".
It's where things happen like Apple USA buy an iPhone from Apple EIRE at very close to retail price and so on paper make almost zero profit in the USA.
The profit then happens in Ireland where the difference between say $10 per unit and $500 per unit is not taxed much at all due to personal agreements with Irish politicians and some other financial games involving Holland.
The EU is extremely pissed off because they have been propping up Ireland financially while Ireland has been looking the other way at vast amounts of tax revenue that Irish laws say they should be collecting. It's not about 6000 jobs (the usual excuse and most likely an outright lie about the number Apple employ in Ireland), the unpaid taxes could provide that a hundred times over, it would be a money trail leading into the pockets of those Irish politicians who are loudly damning the EU this week for suggesting they tax Apple.
No, mental health is 100% a funding problem. The issue is that we were sending the mentally ill to asylums without due process and weren't providing other options either. So, the choice came between detaining people illegally or letting them roam loose without any help.
Only an imbecile would think that there aren't any steps in the middle. The correct thing to do would have been to provide funding to things like community clinics, halfway houses and to ensure that those that might need to be institutionalized were processed in an expedient manner.
The problem wasn't the ACLU, the problem was cheapskate conservatives who didn't and don't value human life.
You want freedom from government interference? Move to Somalia, central Mexico dominated by drug cartels or Southeast Asia where they grow opium. No "oppressive" government there.
In contrast consider Norway. I've been there and it is one of the best run societies I have ever seen. Lot of government regulation and it always ranks near or at the top for overall quality of life.
Since things in the US suck so much because of the "ebil gumment" why don't you "self deport" and go to one of the Libertard havens that exist all over the world? Since all problems result from government interfering with your precious sovereign liberty, you should be about to create a paradise on earth anywhere there is no effective central control. Parts of North Africa are lawless right now, and with the recent death of Uzbekistan's dictator I bet you and your best Libertarian buds could go over their and create the perfect society.
Can you leave tomorrow? I'd be happy to drive you to the airport. Don't let the door hit your ass on the way out.
Why is Snark Required?
I`m no tax expert but I believe it`s done like this:
I believe you will not have to pay income taxes more than once. At least as long as you keep the money in the business set up in the low tax country.
In summary, what works in Norway does not and will not work here in the United States,
Because?
unless you believe that the US government should be run entirely according to the culture, traditions and ideas of northern European white men. Funny, but that doesn't strike me as a very liberal idea and yet the liberals keep gushing about Norway. Go figure.
There is a strong correlation between countries that use regulations to improve quality of life and succeed, and those that don't and don't. The American fascination with "freedom" is causing a lot of your problems.