Linked by Thom Holwerda on Tue 7th Nov 2017 09:52 UTC
In the News

Five months after Mr. Cook's testimony, Irish officials began to crack down on the tax structure Apple had exploited. So the iPhone maker went hunting for another place to park its profits, newly leaked records show. With help from law firms that specialize in offshore tax shelters, the company canvassed multiple jurisdictions before settling on the small island of Jersey, which typically does not tax corporate income.

Apple has accumulated more than $128 billion in profits offshore, and probably much more, that is untaxed by the United States and hardly touched by any other country. Nearly all of that was made over the past decade.

Apple is the largest company in the world, so they're the big target - but tons of other companies engage in the same shady activities.

Every euro or dollar Apple, Google, and Facebook dodge in taxes is a euro or dollar regular folk like you and I have to pay instead. These companies make use of all the facilities and infrastructure paid for by our tax euros and dollars, but then turn around and stab society in the back by extracting vast sums of wealth from it without paying their fair share of taxes. It's exactly this reason why the divide between rich and poor is growing exponentially, which in turn is destabilising our communities because it becomes ever clearer that the Tim Cooks and Mark Zuckerbergs of this world get to live under a different set of rules than you and I.

I am lucky to live in an incredibly solid welfare state, where, while exceptions exist, we take care of each other (interestingly enough, The Netherlands is also one of the biggest shady tax havens in the world). A welfare state is built upon the concept of the strongest shoulders carrying the heaviest burdens, and the knowledge that Joe Billionaire is capable of paying more into the system than Jane Minimum Wage. When this system of trust breaks down - as it clearly is at risk of - our society breaks down. The fact that Tim Cook et al. have the gall to claim their 0.0002% tax rate is "fair" just rubs more salt in the wounds of any regular person who dutifully pays her or his 20-40% taxes every year.

Sadly, any meaningful change to the tax codes of the US and the EU will be blocked through the corruption and bribery Apple, Google, Facebook, and so on engage in on a daily basis. Unless we break these giants up into small companies that aren't 'too big to fail', our societies will grow ever more at their mercy.

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Comment by judgen
by judgen on Tue 7th Nov 2017 13:37 UTC
judgen
Member since:
2006-07-12

Correction: Apple is not even the largest "private" company. There are MANY larger state owned enterprises. Like the NHS for example is VASTLY larger.

Here is a list of largest private companies in the world:
https://en.wikipedia.org/wiki/List_of_largest_companies_by_revenue

Apple is at nr 9.

Reply Score: 3

v RE: Comment by judgen
by BeamishBoy on Tue 7th Nov 2017 14:35 in reply to "Comment by judgen"
RE: Comment by judgen
by timl on Tue 7th Nov 2017 15:43 in reply to "Comment by judgen"
timl Member since:
2005-12-06

Correction: Apple is not even the largest "private" company. There are MANY larger state owned enterprises. Like the NHS for example is VASTLY larger.

Here is a list of largest private companies in the world:
https://en.wikipedia.org/wiki/List_of_largest_companies_by_revenue

Apple is at nr 9.

However, Apple *is* the largest public company when judged by market capitalization: https://en.wikipedia.org/wiki/List_of_public_corporations_by_market_...

It also has the biggest old sock stuffed with cash: https://www.forbes.com/pictures/eejk45ejdld/apple/

So Thom certainly wasn't wrong, at most he could have been a bit more specific (but so could you).

Reply Parent Score: 7

RE[2]: Comment by judgen
by judgen on Tue 7th Nov 2017 20:13 in reply to "RE: Comment by judgen"
judgen Member since:
2006-07-12

Yes but when you include government controlled companies like NHS or DHS, then you have to realize that their "sock full of money" is the taxpayers themselves and their children as well as future generations. Apple does not have that privilege.

Reply Parent Score: 0

RE[2]: Comment by judgen
by jpaine619 on Tue 7th Nov 2017 23:55 in reply to "RE: Comment by judgen"
jpaine619 Member since:
2017-11-07


However, Apple *is* the largest public company when judged by market capitalization: https://en.wikipedia.org/wiki/List_of_public_corporations_by_market_...

It also has the biggest old sock stuffed with cash: https://www.forbes.com/pictures/eejk45ejdld/apple/

So Thom certainly wasn't wrong, at most he could have been a bit more specific (but so could you).



No. You need to learn what "largest" means.

Is Apple the richest? Sure.

Most sales? No. Not even close. Walmart's revenue is more than twice (2x) as much as Apple. Profits no... But revenue.. WAY more than Apple.

Largest? Not even close. Walmart has 2.2 MILLION employees. Apple has slightly over 100,000.

Does Apple have the most real property (land/buildings/etc). Once again, not even close.

So.. How the heck do you think Apple is the largest company in the world?

RICHEST DOES NOT EQUAL LARGEST

Reply Parent Score: -1

RE: Comment by judgen
by phoudoin on Thu 9th Nov 2017 18:09 in reply to "Comment by judgen"
phoudoin Member since:
2006-06-09

> Like the NHS for example is VASTLY larger.

I guess there is more people in that world that want having good health than having good electronic devices.

Crazy, isn't it!?

Reply Parent Score: 2