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Apple Is Hiding Billions Of Dollars From the IRS

Apple Is Hiding Billions Of Dollars From the IRS
Mon, 1/28/2013
This article originally appeared on The Telegraph

The iPad maker has slashed its tax bill by paying less than 2% on its overseas profits, as it moves money through offshoots in low-tax countries such as the British Virgin Islands.

Apple's completely legal tax avoidance strategies bring the total the company has sheltered from the U.S. tax authorities to $94 billion, according to a Sunday Times analysis.

Corporation tax on Apple's overseas operations amount to just 1.9% of profits, compared with a tax rate of up to 24% in the U.K. and 35% in the U.S.

Apple is estimated to have avoided more than £550 million in tax in Britain in 2011. Its latest accounts show U.K. turnover at just over £1 billion and profit at £81.3 million, generating a tax bill of £14.4 million.

However, analysis of its filings in America suggest a more realistic figure for U.K. turnover is £6.7 billion. This would imply an estimated profit of £2.2 billion and, at the then corporation tax rate of 26%, a £570 million tax bill, the Sunday Times reports.

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Trump’s brand of hyper-nationalism combined with the intense consolidation of executive power follows the same playbook as fascistic leaders in other countries like India,Russia, Hungary, Turkey, Egypt, Italy and Argentina, among others.

The Florida governor’s humiliating loss has a dark undertone: Most Republicans, and many independents, apparently have a craving for the unchecked lawless vengeance that Trump has promised if he wins a second term.

Based on details that have emerged about Trump’s presidential agenda, the far-right Heritage Foundation plans for the next GOP president to have all the tools necessary to demolish multicultural democracy and establish a white, Christian ethnostate that imposes a gender apartheid not unlike the Taliban’s Afghanistan.

Posted 3 weeks 3 days ago

Trump’s brand of hyper-nationalism combined with the intense consolidation of executive power follows the same playbook as fascistic leaders in other countries like India,Russia, Hungary, Turkey, Egypt, Italy and Argentina, among others.

Posted 1 month 3 weeks ago
Donald Trump, Hitler

Like Hitler, Trump has a unique command of propaganda, a captivating public presence, and he knows how to drive home narratives beneficial to him and harmful to his enemies.

Posted 1 month 1 week ago

What remains unknown is whether post-truth Republicans will succeed in 2024 as the Nazis did in 1933.

Posted 1 week 2 days ago

Based on details that have emerged about Trump’s presidential agenda, the far-right Heritage Foundation plans for the next GOP president to have all the tools necessary to demolish multicultural democracy and establish a white, Christian ethnostate that imposes a gender apartheid not unlike the Taliban’s Afghanistan.