The CEO of Apple thinks paying his taxes is unfair
August 18, 2016
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10:29Now PlayingThe CEO of Apple thinks paying his taxes is unfair
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"Apple is currently holding $181 billion overseas, largely thanks to arbitrarily deciding that its most valuable intellectual property seems to live exclusively in low tax countries. For instance, at one time Apple’s subsidiaries in Ireland — a country with 4.6 million people — “earned” over one-third of all Apple’s worldwide revenue.
And due to a very business-friendly quirk in U.S. tax law, Apple doesn’t have to pay any U.S. taxes on its overseas profits until it “brings them back” to America.
Here’s what Apple CEO Tim Cook had to say about it in a long interview published this weekend in the Washington Post:
We’ve said at 40 percent, we’re not going to bring it back until there’s a fair rate. There’s no debate about it. Is that legal to do or not legal to do? It is legal to do. It is the current tax law. It’s not a matter of being patriotic or not patriotic. It doesn’t go that the more you pay, the more patriotic you are.
Cook simultaneously wants us to know he is not a bad “traditional CEO” who just cares about money. No, to the contrary, he feels an “incredible responsibility” to “the communities and the countries that the company operates in” and “the whole ecosystem of the company.”
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