Did Apple pay 5% or 2% or .005% in Taxes? (lobbyists, Somali, how much)
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There is no loophole, the overseas profits of corporation are not taxed in the US unless they bring that revenue into the US. They don't do that because the rates are so ridiculously high, it sits offshore and they will use it for things like investing in other countries where they aren't going to lose a lot of it to the tax man.
There is no loophole, the overseas profits of corporation are not taxed in the US unless they bring that revenue into the US. They don't do that because the rates are so ridiculously high, it sits offshore and they will use it for things like investing in other countries where they aren't going to lose a lot of it to the tax man.
Isn't the purpose to keep those evil corporations along with their dirty money and stupid jobs out of the US?
Tax them at the same rate if they make money within the country or offshore. plain and simple just like as individuals we do.
You can't do that because they are already being taxed on it overseas. If you want to see corporate America disappear overnight taxing them on top of what they are taxed overseas is about the fastest way to do it.
If you wanted to fairly tax all corporations both US and foreign crazy as it sounds the best way to do that is a flat tax on products. Taxes are passed onto the consumer as part of the cost of what they pay for product. If you eliminate the corporate/business tax and move to flat tax there is no way to avoid the tax on your product. This is one huge benefit that is often overlooked about a flat tax.
I think this just shows that no matter what tax policy we put in, people and companies are still going to hide their money offshore. It's just a race to the bottom. We could put in something insane like 10% and companies will still keep it at these 0% tax havens.
What are the rules on companies and individuals having to declare offshore accounts even if not taxed. If it's not already listed, then it needs to be. Even if not taxed, we should know what companies and individuals have so that in cases like bankruptcy or court judgments can take that into account. I think corporations have to declare that stuff to shareholders but i don't see any reason why individuals shouldn't have to declare that cayman islands bank account.
people and companies are still going to hide their money offshore.
They are not hiding their money offshore, this is profit that has been generated offshore and never entered the US. It's never going to come into this country with the tax rates the way they are.
They are not hiding their money offshore, this is profit that has been generated offshore and never entered the US. It's never going to come into this country with the tax rates the way they are.
Do you think it's ever going to come back if we are even 1% higher than another country? I just think there's something wrong for companies to be shopping around for tax havens. They should be forced to have some kind of roots/headquarters/headcount at that location to qualify. and even if they a small shack there with 2 people, if 90% of the people in the company, all R&D, purchase orders, etc are run out of the building in Silicon Valley, it makes no sense to me how that money is not taxable. Sure it was built in FoxConn in China, shipped to japan and sold there but didn't everything get signed off on by Tim Cook sitting in California?
Close these loopholes instead of trying to find a way to charge poor people a few hundred dollars of federal income tax.
What loopholes ?
Apple does not bring back profits made in other countries back to the US to get taxed.
Most global companies don't bring back their profits made in other countries because of US tax law.
That same tax law also applies to individuals. Make money abroad, pay those country taxes and the minute you bring it back to the US our government taxes it as well.
Do you think it's ever going to come back if we are even 1% higher than another country?
Too many if's to answer that.
Quote:
it makes no sense to me how that money is not taxable.
Part of the issue here is that it is taxed, by other countries. Let's say Apple is paying 15% on the revenue generated in China. If they were liable for 30% here in the US even if you charged them 15% what incentive do they have to stay in the US instead of simply moving to China? Furthermore if they do stay in the US that is going to put them at disadvantage over foreign firms not based in the US.
There is no easy answers but what I can tell you raising taxes on companies because of an issue created by high taxes in the first place should not be one of them.
As I suggested previously getting rid of the corporate/business taxes and replace with a flat consumer tax will eliminate these issues because no company avoids that. It would also favor US based companies.
If I can have a corporation in the US paying 30% or in another country paying 15%, why would I want to be in the US?
So those corporations outside have to pay US taxes or they can't access the US market.
Simple fix.
They'll survive just fine.
I'll never understand why so many cry about corporate taxes for corporations that don't care about them. We the people pay more in taxes. Cry more about your own.
So those corporations outside have to pay US taxes or they can't access the US market.
Simple fix.
They'll survive just fine.
I'll never understand why so many cry about corporate taxes for corporations that don't care about them. We the people pay more in taxes. Cry more about your own.
the correct answer is to lower the tax so the company stays here, and then your ilk can really show its altruistic side by stepping up and funding all those welfare schemes voluntarily.
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