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Post by lance on May 21, 2013 6:26:26 GMT -8
Where is Google, IBM, MSFT, Facebook etc.? Why is this only about Apple?
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Post by osx10 on May 21, 2013 6:28:00 GMT -8
Fwiw: Levin is not running for re-election. Hope TC comes out swinging. Ryan Paul was impressive.
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JDSoCal
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Post by JDSoCal on May 21, 2013 6:28:15 GMT -8
Listening to Levin and this dumb bunny professor reminds me of an arsonist who starts a fire in a hotel, then complains that people use the fire escapes to get out. The problem is the damned fire escapes! If we could just board them up, problem solved! US corporate tax policy in a nutshell. CNN: U.S. corporate tax rate: No. 1 in the world
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Post by macwire on May 21, 2013 6:28:55 GMT -8
this is literally retarded. Anyone selling on this news is a bit silly. Prolly just algos.
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Post by Deleted on May 21, 2013 6:32:56 GMT -8
The "expert" was a managing partner of a Big 4 firm, so I'm waiting for him to say that while he served in that role, his firm regularly facilitated on behalf of firm clients the VERY strategies Apple has utilized.
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Post by Deleted on May 21, 2013 6:33:44 GMT -8
Listening to Levin and this dumb bunny professor reminds me of an arsonist who starts a fire in a hotel, then complains that people use the fire escapes to get out. The problem is the damned fire escapes! If we could just board them up, problem solved! US corporate tax policy in a nutshell. CNN: U.S. corporate tax rate: No. 1 in the worldYep. Japan and U.S. have flipped roles recently but being #1 or #2 in corporate tax rates ain't nothing to brag about.
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Post by Deleted on May 21, 2013 6:51:28 GMT -8
Big 4 firms win and lose clients on utilization (and failure to utilize) the very strategies under review here. If it's legal, a (very) high percentage of Big 4 clients are going to utilize it. Period.
The tax deferral point is important. Apple has recorded its intention to pay U.S. income taxes when profits are repatriated to the U.S.
C-SPAN is now airing the testimony
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Post by jmolloy on May 21, 2013 6:52:21 GMT -8
Where is Google, IBM, MSFT, Facebook etc.? Why is this only about Apple? You know the answer to that question. Apple are in Washington on the same basis that the hit whoring tech headline writers use Apple. Because it garners attention. And nobody is going to take down Google.
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Post by Deleted on May 21, 2013 6:55:02 GMT -8
Carl Levin is trying really hard to spin here. The Big 4 partner knows FULL WELL his former firm practiced these tax strategies on behalf of clients. He failed to fully disclose that fact. No guts.
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JDSoCal
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Post by JDSoCal on May 21, 2013 6:57:47 GMT -8
The tax deferral point is important. Apple has recorded its intention to pay U.S. income taxes when profits are repatriated to the U.S. This is the worst part; not even biz channel retards seem to understand this distinction. Apple deferred PROFITS as well as taxes. Nice to see Carly Fiorina and the other SotS guest destroy Simon Eurotrash Hobbs. And yes I was watching CNBC. Stupid CSPAN wasn't covering the damn thing!
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Post by lance on May 21, 2013 6:57:52 GMT -8
It appears everyone in business media, other tech companies, China Government and now the US government doesn't seem to like to TC. As soon as he has become CEO and Samsung went on the attack it has been a clear plan to destroy Apple's image every possible way.
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Post by Deleted on May 21, 2013 7:00:11 GMT -8
The tax strategy under review had its beginnings during the Kennedy administration.
Sen. Ron Johnson is really a babe in the woods -- he'll probably make our next President. His ignorance is frightening but help explains why our tax policy is such a mess.
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Post by osx10 on May 21, 2013 7:00:52 GMT -8
Not a question of liking TC... They perceive Tim Cook as weak/soft.
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JDSoCal
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Post by JDSoCal on May 21, 2013 7:04:44 GMT -8
One good thing about this hearing, it shows who is looking out for the shareholders.
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Post by Deleted on May 21, 2013 7:05:50 GMT -8
Sen. Tom Carper of Delaware: This should be interesting. Delaware has the most favorable corporation statutes in the country.
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Post by Deleted on May 21, 2013 7:15:52 GMT -8
Based on what I've seen so far, the hearing is really putting tax policy under scrutiny, not Apple. Senators Levin and McCain have really failed this country in their roles to spearhead tax simplification that leads to better tax compliance, lower rates, and last but not least, broadens the tax base.
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Post by Deleted on May 21, 2013 7:16:53 GMT -8
Interesting testimony going on right now. The witness (don't know name) was describing how tax avoidance strategies work, and how Congress may legislate to mitigate alleged lost tax revenue. In his testimony he stated, in response to questioning re: foreign corporate competitive advantages due to tax policy, that his preference would be to lower US corporate income tax (tax on production) to 15% across the board (domestic and international profits) and offset the lower domestic tax rate with a "VAT or other tax", both of which were taxes on consumption. A tax on consumption would be applied, not only on domestically produced goods, but also on foreign produced goods, whether the producer was a domestic corporation or a foreign corporation. The net effect would be to lower the cost of US produced goods, and increase the cost of foreign produced goods sold in the US.This would staunch the flow of US manufacturing jobs offshore, and has the potential to return some of those jobs to the US. This is exactly what I have been espousing for some time.
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Post by Deleted on May 21, 2013 7:19:31 GMT -8
Rand Paul: What a Republican used to look like. Absolutely. Paul should have headed the Republican ticket in 2012.
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Post by rob_london on May 21, 2013 7:23:56 GMT -8
Rand Paul: What a Republican used to look like. Absolutely. Paul should have headed the Republican ticket in 2012. Talking great sense again.
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Mav
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Post by Mav on May 21, 2013 7:26:09 GMT -8
Hah! Apple is why there's a sequester!
Embarrassment to the nation. Betcha Google never gets called in.
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JDSoCal
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Post by JDSoCal on May 21, 2013 7:32:23 GMT -8
Sen. Tom Carper of Delaware: This should be interesting. Delaware has the most favorable corporation statutes in the country. I was just thinking that as he began. Looks like despite the (D) next to his name, he understands how incentives work (i.e., why Delaware has any relevance whatsoever) and isn't dumb enough to want to upset the apple cart (no pun intended). Too bad California's senators and state pols don't get that. And McCain, you are the problem. Old boys club, where principle takes a back seat to collegiality. GET OUT OLD FOSSILS!
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Post by Deleted on May 21, 2013 7:36:30 GMT -8
Absolutely. Paul should have headed the Republican ticket in 2012. Talking great sense again. And getting slammed by one of those responsible for the current tax mess, who was then defended by the empty suit.
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Post by nathanstevens on May 21, 2013 7:36:46 GMT -8
TC stepping up to the plate
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Post by moltenfire on May 21, 2013 7:38:20 GMT -8
Interesting testimony going on right now. The witness (don't know name) was describing how tax avoidance strategies work, and how Congress may legislate to mitigate alleged lost tax revenue. In his testimony he stated, in response to questioning re: foreign corporate competitive advantages due to tax policy, that his preference would be to lower US corporate income tax (tax on production) to 15% across the board (domestic and international profits) and offset the lower domestic tax rate with a "VAT or other tax", both of which were taxes on consumption. A tax on consumption would be applied, not only on domestically produced goods, but also on foreign produced goods, whether the producer was a domestic corporation or a foreign corporation. The net effect would be to lower the cost of US produced goods, and increase the cost of foreign produced goods sold in the US.This would staunch the flow of US manufacturing jobs offshore, and has the potential to return some of those jobs to the US. This is exactly what I have been espousing for some time. I'm sure the politicians know that, but they also know that politically, it's going to look horrible and that's why it's not going to be done. Gas prices are going to go up with VAT. Joe sixpack's going to go on TV and say now because of the change in taxes, his food's more expensive, his guns are more expensive, and he can't afford his lifestyle anymore because of the damn VAT.
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Mav
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Post by Mav on May 21, 2013 7:38:26 GMT -8
Along with Rand Paul, one Dem gets it:
MacRumors liveblog: "Senator Claire McCaskill (D-MO) - I'm very proud of Apple as an American company. I use Apple products and I harangued my husband until he switched. I think Apple is utilizing the tax code we have given them."
Does Carper get it?
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Mav
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Post by Mav on May 21, 2013 7:41:11 GMT -8
Watching the stream now. Prepared remarks before Cook gets grilled. Shining a light my foot. "We're not vilifying, we're just accusing for perceived political benefit."
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Mav
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Post by Mav on May 21, 2013 7:49:01 GMT -8
Oppenheimer on deck with prepped remarks. Then the guy we haven't heard (tax ops dude), then we'll see how gutless and ignorant our Senators are.
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JDSoCal
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Post by JDSoCal on May 21, 2013 7:49:19 GMT -8
Along with Rand Paul, one Dem gets it: MacRumors liveblog: "Senator Claire McCaskill (D-MO) - I'm very proud of Apple as an American company. I use Apple products and I harangued my husband until he switched. I think Apple is utilizing the tax code we have given them." Yeah, she can pay lip service to Apple fans, but let's see how she votes on corporate tax reform before we give her too much credit. TC sounds fired up!
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JDSoCal
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Post by JDSoCal on May 21, 2013 7:51:17 GMT -8
The Beard is also fired up today.
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Post by artman1033 on May 21, 2013 7:53:26 GMT -8
Wow!
Peter is TWICE the man I thought he was.
From his voice on the Conference calls, I always thought he was a skinny fellow.
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