If Apple’s CEO Tim Cook did one thing, he illustrated the absurdity of our corporate tax code. Chris Edwards, from the Cato Institute, joined John Ransom to talk about the absurdity of corporate taxes and the Senate’s misguided hearing.
The recent scandals, combined with the Senate’s feigned outrage at Apple’s tax practices, underscores the fundamental issue with our current regulatory and legislative bodies. . . Something about it seems arbitrary and coercive.
Apple employs 600,000 people in the U.S. and is the largest corporate taxpayer in the country. Last year alone, the company paid $6 billion in taxes. This year they expect to pay $7 billion.
Wow. I thought I hit on the key issues in my post on the anti-Apple demagoguery, but Senator Paul hit the ball out of the park.
The Senate Mensheviks have raked Apple Computer over the coals on its practice of keeping tons and tons of money offshore. This is money that the Mensheviks sorely need, so they can squander it on things that won’t make life better for anyone outside of K Street.
Apple’s most significant positive attribute is that all of their real value resides in their non-taxable overseas cash accounts. If they relocate this money back to the U.S., they will be taxed — making this a very foolish idea.