08.19.16
The Song Remains the Same
From the Fairness Desk, quoting from the Intercept:
“U.S. corporations have by now stashed over $2.1 trillion in profits overseas (including Apple’s $181 billion), thereby starving the U.S. of revenue we could use to repair our collapsing infrastructure. What they want is for Americans to get so desperate that Congress is willing to deeply slash the corporate tax rate for “repatriated??? money.
“This will deliver a one-time jolt of tax revenue, at the cost of sending the message that everyone who possibly can should use tax avoidance schemes like Apple’s in the future…Hillary Clinton has hinted that she’ll push for exactly this in her first 100 days in office, while Donald Trump has said explicitly that he wants to make it happen. Moreover, in the interview Cook also notes he’s gotten advice on how to handle this issue from both Goldman Sachs CEO Lloyd Blankfein and Bill Clinton.
“So get ready for a tsunami of fairness, headed your way next year.”
Apple feels the current corporate tax rate to be “unfair.” “It doesn’t go that the more you pay, the more patriotic you are,” said Apple’s Tim Cook to the WaPo (here by way of The Intercept).