The iPhone and iPad are as American as Apple pie. But one thing that isn’t patriotic, is when American-made companies like Apple don’t pay their fair share in taxes.
Instead, they use a number of gimmicks to park their profits overseas — cheating the American tax payer of $17 million in unpaid taxes EVERY SINGLE DAY.1 Even worse, Apple is lobbying Congress to give them a tax holiday so they can repatriate profits they have been hoarding overseas without paying their fair share in taxes.
While the majority of Apple’s executives, product designers, marketers, employees, research and development, and retail stores are in the United States, Apple uses a number of legal tax schemes and gimmicks to allocate 70 percent of its profits overseas.2
And Apple isn’t alone. Citizens for Tax Justice have identified seventeen other Fortune 500 companies, including Dell, Microsoft and Nike, whose financial reports strongly suggest that they are paying little to no taxes on profits hid overseas.3
Meanwhile, these same companies are trying to convince Congress that a tax holiday would increase investment and job creation. An assertion that has been proven demonstrably false by numerous reports, including one by the Congressional Research Service which found that “there is no evidence that [the tax holiday in 2004] increased U.S. investment or jobs, and it cost taxpayers billions.”4
Enough is enough. The Constitution says We the People, not We the Corporation. And it’s about time that Congress was reminded of that fact. Tell your Senators to support Senator Bernie Sanders’ Corporate Tax Dodging Prevention Act now.
Thanks for all you do!
1 – “Apple Avoids Paying $17 Million in Taxes Every Day Through a Ballsy but Genius Tax Avoidance Scheme,” Business Insider, May 21, 2013
2 – “How Apple Sidesteps Billions in Taxes,” the New York Times, April 28, 2012
3 – “Apple is Not Alone,” Center for Tax Justice, June 2, 2013
4 – “Just the Facts: The Costs of a Repatriation Tax Holiday,” treasury.gov, March 23, 2011