TYT Investigates
@TYTInvestigatesReports·705K subscribers·7K videos
Apple Scams America: Huge Tax Breaks, No Plans for U.S. Jobs From Most Valuable Company In the World
Posted
November 10, 2017
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7:37Now PlayingJohn Iadarola, Jayar Jackson, and Mark Thompson discuss Apple's history of tax shenanigans and the massive amount of money they are holding overseas to avoid U.S. taxes. Tim Cook has been pushing Trump's huge tax cuts for corporations, but will repatriating earnings benefit the American people?
Read TYT Investigates' full story here
"Despite Apple’s backing of President Trump’s proposal for corporate tax cuts, both the company’s current investment plans and its past record on job creation show no signs a tax cut would lead to new Apple hiring in the United States.
A $1 billion investment in U.S. manufacturing touted by the company seven months ago has yielded no indication of new jobs or domestic manufacturing. One company that Apple invested in announced shortly afterward that it would build a new factory in China.
Apple, the world’s most valuable company, has more to gain from tax cuts, a key component of the GOP’s Tax Cuts and Jobs Act, than any other company. The proposed tax cuts would reduce the corporate rate on domestic profits to 20 percent. Apple’s effective tax rate last fiscal year was 25.6 percent.
Even more significantly for Apple, massively reduced rates on repatriated earnings would allow Apple to bring its huge stash of overseas cash to the United States at a 12 percent tax rate—far lower than the current rate of 35 percent, and significantly lower than Trump’s proposed tax rate for domestic profits. Apple has $261.5 billion in cash, 94 percent of it overseas. No other corporation comes close."
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