Apple Inc

[nightfighter]

There isn't a prayer in hell that Apple considers doing this unless the door was open for them to avoid paying taxes on a portion of this offshore war chest. They have kept funds off shore for years to avoid accounting for how much they have as well as paying taxes to the IRS. So they get a sweetheart deal and are going to pay $38 billion in taxes on that amount (pick a number, or let's use $252 billion) at a much lower rate than when they earned all this money, going back to company's founding. Who is to say that there isn't more than the 252 billion that will be repatriated and should have been taxed all along? This would not be the largest single tax payment if the debt had been rightfully paid when it should have been instead of being steered to an Irish bank. $38 billion is but a fraction of what they really should be paying, yet it is being spun as they are doing such great things by investing in the US economy..... yes. after t#^&#^&#^&#^&#^&g it up our arses for years.....

[spence]

Originally Posted by nightfighter

Who is to say that there isn't more than the 252 billion that will be repatriated and should have been taxed all along?

Here's the rub, this overseas money is tied up in investments earning returns...it's not cash they're bringing back to the US. They can pay the taxes and have flexibility in the future but there's no guarantee any of it will be spent domestically.

[scottw]

Originally Posted by spence

They can pay the taxes and have flexibility in the future but there's no guarantee any of it will be spent domestically.

Apple is giving its employees a $2,500 bonus
bringing $250 billion in cash that is currently overseas, back to the US
paying $38 billion in taxes on that cash
investing $30 billion in the US to create 20,000 jobs
matching employee charitable donations 2-to-1

is that not "domestically"?

[Jim in CT]

Originally Posted by scottw

Apple is giving its employees a $2,500 bonus
bringing $250 billion in cash that is currently overseas, back to the US
paying $38 billion in taxes on that cash
investing $30 billion in the US to create 20,000 jobs
matching employee charitable donations 2-to-1

is that not "domestically"?

It’s unbelieveable. The ability to deny that which doesn’t serve your personal agenda. A huge tax hit, bonuses, new jobs. None of that amounts to domestic spending.
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[nightfighter]

[QUOTE=Jim in CT;1135581]It’s unbelieveable. The ability to deny that which doesn’t serve your personal agenda. A huge tax hit, bonuses, new jobs. None of that amounts to domestic spending.
Posted from my iPhone/Mobile device[/QUOTE

A huge tax hit??? That is laughable.... It is roughly 15%.
The statutory corporate tax rate has gradually been reduced from over 50 percent in the 1950s to its current 35 percent. So who made out????

[Jim in CT]

[QUOTE=nightfighter;1135588]

Originally Posted by Jim in CT

It’s unbelieveable. The ability to deny that which doesn’t serve your personal agenda. A huge tax hit, bonuses, new jobs. None of that amounts to domestic spending.
Posted from my iPhone/Mobile device[/QUOTE

A huge tax hit??? That is laughable.... It is roughly 15%.
The statutory corporate tax rate has gradually been reduced from over 50 percent in the 1950s to its current 35 percent. So who made out????

It’s 38 billion that can be used to help people.
Posted from my iPhone/Mobile device

[nightfighter]

[QUOTE=Jim in CT;1135605]

Originally Posted by nightfighter

It’s 38 billion that can be used to help people.
Posted from my iPhone/Mobile device

My point is $87.5 billion (which is the 35% tax on $250 bilion) could help a lot more..... and build a wall too. This money could have been helping people during Clinton's, Bush's and Obama's administrations if it had been paid when due, instead of being diverted to Ireland and then the tax haven island of Jersey....

[spence]

Originally Posted by scottw

is that not "domestically"?

I never said they weren't going to invest more here or that it would be a bad thing. Just some of the numbers are misleading.

[Jim in CT]

Originally Posted by spence

Here's the rub, this overseas money is tied up in investments earning returns...it's not cash they're bringing back to the US. They can pay the taxes and have flexibility in the future but there's no guarantee any of it will be spent domestically.

So you want to pass a law mandating that they spend it domestically?

Apple said there were creating 20,000 jobs in the us. That qualifies as domestic spending.
Posted from my iPhone/Mobile device

[nightfighter]

Originally Posted by spence

Here's the rub, this overseas money is tied up in investments earning returns...it's not cash they're bringing back to the US. They can pay the taxes and have flexibility in the future but there's no guarantee any of it will be spent domestically.

No, the rub is that it is all pre-tax monies.... So in my view it is all dirty, comingled, and investments should be liquidated as a condition of clearing their liability.

[spence]

Originally Posted by nightfighter

No, the rub is that it is all pre-tax monies.... So in my view it is all dirty, comingled, and investments should be liquidated as a condition of clearing their liability.

Hard to enforce that when their actions appear to be legal. But co-mingled...yes.

[Jim in CT]

Originally Posted by nightfighter

There isn't a prayer in hell that Apple considers doing this unless the door was open for them to avoid paying taxes on a portion of this offshore war chest. They have kept funds off shore for years to avoid accounting for how much they have as well as paying taxes to the IRS. So they get a sweetheart deal and are going to pay $38 billion in taxes on that amount (pick a number, or let's use $252 billion) at a much lower rate than when they earned all this money, going back to company's founding. Who is to say that there isn't more than the 252 billion that will be repatriated and should have been taxed all along? This would not be the largest single tax payment if the debt had been rightfully paid when it should have been instead of being steered to an Irish bank. $38 billion is but a fraction of what they really should be paying, yet it is being spun as they are doing such great things by investing in the US economy..... yes. after t#^&#^&#^&#^&#^&g it up our arses for years.....

Do you pay more than you have to? Why should the Apple shareholders? Thanks to the tax incentives, the irs will get 38 billion they otherwise would it have. That’s a good thing.
Posted from my iPhone/Mobile device

[nightfighter]

Originally Posted by Jim in CT

Do you pay more than you have to? Why should the Apple shareholders? Thanks to the tax incentives, the irs will get 38 billion they otherwise would it have. That’s a good thing.
Posted from my iPhone/Mobile device

You are missing the point. The only good thing about the 38 bil. to the IRS is that it is happening now. Much of that should never have been offshore and taxes should have been paid in the years it accrued. The Government is allowing them to pay a discount and pay late. There are two sets of books.... We will never know exactly how much was stashed offshore. This was their window of opportunity to settle for less, possibly much less than they would have owed, and to have a clean slate going forward. So my question back to you is why couldn't I do that???? Can I go back and amend my past twenty years of taxes and pay them at this years' lower rates???? Think they will cut me a big check for the difference????

[wdmso]

Originally Posted by nightfighter

There isn't a prayer in hell that Apple considers doing this unless the door was open for them to avoid paying taxes on a portion of this offshore war chest. They have kept funds off shore for years to avoid accounting for how much they have as well as paying taxes to the IRS. So they get a sweetheart deal and are going to pay $38 billion in taxes on that amount (pick a number, or let's use $252 billion) at a much lower rate than when they earned all this money, going back to company's founding. Who is to say that there isn't more than the 252 billion that will be repatriated and should have been taxed all along? This would not be the largest single tax payment if the debt had been rightfully paid when it should have been instead of being steered to an Irish bank. $38 billion is but a fraction of what they really should be paying, yet it is being spun as they are doing such great things by investing in the US economy..... yes. after t#^&#^&#^&#^&#^&g it up our arses for years.....

exactly