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View Diary: Apple launches iRomney (62 comments)

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  •  What law... (1+ / 0-)
    Recommended by:
    sewaneepat

    ...says that they owe taxes on that money?

    (-5.50,-6.67): Left Libertarian
    Leadership doesn't mean taking a straw poll and then just throwing up your hands. -Jyrinx

    by Sparhawk on Fri May 24, 2013 at 08:41:47 PM PDT

    [ Parent ]

    •  The Law... (0+ / 0-)

      They list it on their taxes as "permanently invested overseas", ie: in buildings and factories and real estate, and in the form of stock of foreign companies, etc.

      However, that is simply NOT TRUE. It is a lie, it is tax fraud, it is tax evasion. The money is not INVESTED nor OVERSEAS, it is sitting in a cozy, secured bank account inside the US.... aka repatriated without being admitted to as repatriated. Safe and protected by the NYPD and the US military.

      The Law says, international profits repatriated are subject to 35% income tax.

      Now, YOU, as an individual.... go right ahead and try to play some semantic games with the police after they stop you with a bag full of say $100,000. See how far you get getting your seized money back... Mr Presumed Drug Dealer. I'd like to see that, I could use a good laugh.

      So why should Apple be treated any differently than any other American People on the street?

      •  "permanently invested overseas" is an accounting (3+ / 0-)
        Recommended by:
        Sparhawk, sewaneepat, VClib

        concept, not a tax one.  The assets are owned by foreign subsidiaries, and are not subject to US tax as long as they're not invested domestically.  "Domestic investments" per the tax code (section 956, IIRC) excludes holdings in US banks, which is why they the foreign subs can have US bank accounts w/o triggering US tax.

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