Apple has been accused of being “among
America's largest tax avoiders” by a Senate committee.
The committee said Apple had used “a
complex web of offshore entities” to avoid paying billions of dollars in US
income taxes.
Apple chief Tim Cook will go before
the panel on Tuesday. In prepared
testimony Apple said it did not use tax gimmicks.
The committee said there was no
indication it had done anything illegal.
There’s a simple solution here close
the loopholes, don’t give huge corporations the option of keeping vast sums of
cash overseas where it can’t be taxed.
Apple has a cash stockpile of
$145bn yet $102bn is held outside the US, and in the committee report the Apple are accused of seeking the 'Holy Grail' of tax avoidance.
I don’t know what’s worse the fact
that these large corporations think the rules don’t apply to them and they can
do what they want and pay the taxes they think they should be paying, not what
they should actually be paying, or the politicians who know what the problem is
and all cue up in the media to condemn, yet never actually do anything about it.
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