Taxes. They’re for little people.
Barack Obama begins yammering about the rich paying their fair share every time he wants a tax hike, but it’s never the rich paying more, it’s the middle class.
Obama has spent a lot of time talking about tax shelters. But he doesn’t appear to have talked about it to Apple CEO Tim Cook at their meeting. Just as Warren Buffett isn’t going to be pressured about that 1 billion and George Soros isn’t going to be extradited to France.
Al Gore is a board member of Apple Inc. He tried to dodge his taxes with a premature closing of the Al Jazeera sale. And Apple Inc. hid 94 billion dollars in overseas revenues in tax shelters. Al Gore just exercised Apple share options worth 29 million.
The iPad maker has slashed its tax bill by paying less than 2pc on its overseas profits, as it moves money through offshoots in low-tax countries such as the British Virgin Islands.
Apple’s completely legal tax avoidance strategies bring the total the company has sheltered from the US tax authorities to $94bn, according to a Sunday Times analysis.
Corporation tax on Apple’s overseas operations amount to just 1.9pc of profits, compared with a tax rate of up to 24pc in the UK and 35pc in the US.
Apple’s employees have donated $307,000 to Obama and only $28,910 to Mitt Romney. Apple itself has spent millions on lobbyists with the top issue being taxes. Apple spent most of its time lobbying in favor of H.R.1834: Freedom to Invest Act of 2011. What is this grandly named act of freedom? It’s a one time tax cut allowing companies to pay a lower tax rate on overseas revenues.
Liberalism isn’t about paying your fair share. It’s about making the other guy pay more, while you pay less. Even if you’re one of the biggest companies in the world.