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Just imagine if us middle class taxpayers could take advantage of significant loopholes to lower our taxes. I HATE taxes, but everyone should be on a level playing field. For those with deep pockets who can take advantage of unintended (?) loopholes just makes the rest of us pay more.
..."it is complying with the laws and pays "an extraordinary amount" in taxes to the U.S. government." - Which just points to the fact that perhaps the US tax code needs a bit of overhauling (or at least check up on some of these tax practices.)
There is no question that Apple uses every "trick" in the book to minimize their taxes. But as we will find out, they are all legal according to our current tax code. The real question the Senators should be answering is why isn't the US a good place to park successful companies profits? It used to be.
Billions in NET income? The govt says u will pay XX % in tax. Apple hides profits in phantom overseas co and screws the govt. and none pays sales tax for online purchases of apple stuff too?
Just imagine if us middle class taxpayers could take advantage of significant loopholes to lower our taxes. I HATE taxes, but everyone should be on a level playing field. For those with deep pockets who can take advantage of unintended (?) loopholes just makes the rest of us pay more.------------------I don't have to imagine it. 85% of all tax breaks go to the middle class and poor. So, in fact you are taking advantage of the exact thing you are whining about!
Gee, I wonder why companies would move operations overseas. Could it be the ever expanding taxes and regulations that strangle corporations? I think the more surprising issue is why aren't MORE companies moving overseas. You have to love those that say we need to tax companies more to keep them here. Exactly what do you think is driving them away???
The simple solution is to clean up the tax code. But that will never happen, because members of Congress rely on the campaign contributions of those companies who reap the benefit of those loopholes.
I realize companies are in business to make profit, but more and more their seems to be a lack of ethics and not just in tax loopholes. "it is complying with the laws and pays "an extraordinary amount"--We all pay an extraordinary amount, but most of us don't have loop holes to hide behind.
Apple pays billions in in Payroll taxes. Their investors pay capital gains taxes on dividends and profits. Their employees pay billions in state and federal income taxes. The trucks that haul their products pay federal highway use tax, fuel tax, ect. Their products generate billions in sales tax for the various states and countries they are sold in. How much is enough for them to pay on taxes? How much is enough for the government who regulates and levies taxes on them?
IF they followed the tax laws, I think the anger is being misdirected. Companies and people alike are going to try to avoid paying higher taxes, it is up to the elected officials to simplify the tax code to close the loopholes. Pulling leaders of companies in to "testify" before congress really is just for show, nothing will come out of it. The company leaders didn't create the loopholes, congress did.
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