In true Randian fashion, Rand Paul came to the defense of Atlas, I mean, Apple, and their tax avoidance schemes.
“Frankly, I’m offended by the tone and tenor of this hearing,” said Sen. Rand Paul (R-Ky) in his opening statement. “I’m offended by a $4 trillion government bullying, berating and badgering one of America’s greatest success stories.”
“If anyone should be on trial here, it should be Congress,” Paul continued. “I frankly think the committee should apologize to Apple. The Congress should be on trial here for creating a Byzantine and bizarre tax code.”
http://www.washingtonpost.com/...
Apparently, Apple had no choice but to shelter its income by creating shell companies outside the U.S. If it didn't, well . . . it might have had to pay its fair share in U.S. taxes. You know, the country it was created, and in which its primary operations are located. So much for loyalty to your country.
Over all, Apple’s tax avoidance efforts shifted at least $74 billion from the reach of the Internal Revenue Service between 2009 and 2012,
http://www.nytimes.com/...
$74 billion. Imagine how that money could have offset other cuts. But Apple, like other large multinational corporations, has as its loyalty the dollar bill, euro, whatever.
And, who knows, maybe Apple woud have gone broke had it paid its fair share. I mean the company is struggling for profitability, you know.