Tuesday, November 07, 2017
The leak of a trove of papers from a law firm is revealing the extent of finagling that corporations do to avoid taxation. Apple, it turns out, is a skilled practitioner in avoiding taxes. It shielded hundreds of billions of dollars from its overseas accounts through domiciling on an island with 0 corporate taxation. Apple has every right to do what it did, but it still leaves a bad taste in one's mouth. The perception is one of a rogue corporate citizen. There is no guarantee with the pending tax reform act that Apple will repatriate any of its mountain of cash to the US. The money it made overseas is out of reach of the US taxman. US citizens have a right to inveigh against such corporate sleight of hand. It places a heavier tax burden on individuals, and it appears unfair although it is legal. Apple's reputation may take a ding as a result of these revelations and well it should.