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Apple's Tax Strategy Aims at Low-Tax States and Nations
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In comparison to industrial companies digital companies such as Google and Apple have more room to find gaps in the U.S. tax system which was designed for the industrial period. Apple paid a tax rate of 9.8% in 2011 on its global profits in 2011 of $34.2 billion, a total of $3.3 billion. Wal-Mart for instance paid a tax rate of 24%, on its booked profits of $24.4 billion, a total of $5.9 billion. The issue is significant because of the large U.S. deficit and spending cuts by local and state governments for essential services, especially in California, where Apple is located. Apple is able to avoid state taxes on some of its profits by locating an office in Reno, Nevada. Nevada has zero corporate taxes, California's corporate tax rate is 8.84%. In the current fiscal year Apple is expected to earn $45.6 billion which if taxed at the rates companies paid in the 1950's - 30% in the 1950's compared to 6.6% in 2009 for corporate tax receipts according to a New York Times report- would enable the state of California to avoids some of the sharp cuts in funding to community colleges such as De Anza College only minutes away from Apple, Google and H-P. De Anza College's president says he simply cannot understand this, how the whole psychology of corporations and the public itself has changed over the years, to where a college where one of the Apple co-founders Steve Wozniak got his education in 1969-74, is now struggling to survive with funding cuts. The California college system of the 1950's and 1960's was funded by other companies tax dollars creating the educational resources which helped create todays companies- one generations responsibilities transferred to another generation that has failed to understand what this is about.
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The US tax rate for corporations at 35%, but the $1.5 billion federal tax liability of Google comes to an effective 18% tax rate. GE's consolidated tax rate of 11.6% from 2005 to 2009. This is also true of other large American companies, raising questions of fairness at a time of budget cuts in education, Medicaid and Medicare. Many U.S. companies, such as Apple, also use offshore tax havens to protect profits from taxes.
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Companies ranging from Apple and Google to GE pay low tax rates. The New York Times reports that corporate share of U.S. tax receipts dropped from 30% in the 1950's to 6.6% in 2009. This has a serious impact on states and local governments and the federal government as they cut essential services and education to balance their budgets or lower deficits.
Linked Articles
Apple's Tax Strategy Aims at Low-Tax States and Nations
New York Times 04/28/2012
G.E.'s Strategies Let It Avoid Taxes Altogether
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De Anza College in Cupertino, California where a Apple co-founder got his start and the implications of tax avoidance strategies
04/28/2012
A U.S. Senate Report in May 2013 points to tax avoidance strategies by Apple, and Apple CEO Tim Cook appears before a Senate hearing. EU leaders meet in Brussels to address the problems of tax avoidance by digital companies which aggravate the budget deficits of EU countries, especially at a time of cutbacks in infrastructure spending and education that supports the digital companies access to to human resources. De Anza College in Cupertino is where on of the Apple cofounders went to school. The head of the college describes the effects of cutbacks in funding on the college. On the other side of the Atlantic Fredrik Reinfeldt, Sweden's prime minister makes a similiar case saying the digital companies need access to infrastructure and educational centres which makes the payment of taxes used to fund this necessary for the whole system not to fall into dysfunction.
Linked Articles
Apple's Tax Strategy Aims at Low-Tax States and Nations
New York Times 04/28/2012
Wall Street Journal 05/22/2013
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