Liveblogging The Apple Tax Dodge Hearings
Posted by Phoenix Woman on May 21, 2013
The fine folk at Americans for Tax Fairness are on the case:
OVERALL BACKGROUND: Today the Subcommittee is holdings its second hearing to examine how U.S.-based multinational corporations use loopholes in the tax code. Today’s hearing will focus on how Apple effectively shifts billions of dollars in profits offshore, profits that under one section of the tax code should nonetheless be subject to U.S. taxes.
NEW REPORT BY CTJ – An analysis of Apple Inc.’s financial reports makes clear that Apple has paid almost no income taxes to any country on its $102 billion in offshore cash holdings. That means that this cash hoard reflects profits that were shifted, on paper, out of countries where the profits were actually earned into foreign tax havens – http://bit.ly/17YqXd0
WORTH A READ – The New York Times today – http://nyti.ms/10ICjJi
Check out their fact sheet on Apple, too: http://www.americansfortaxfairness.org/badapple/
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