Apple w/Board Member Al Gore Hid $94 Billion in Tax Shelters

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.

  • http://www.adinakutnicki.com AdinaK

    "Fair" is just another bugaboo code word of the left, used as a bludgeon against the "unwashed masses". As to Al Gore, he sold his soul long ago, and those who believe that he (and fellow radicals) give a hoot about contributing "fairly" have lost their marbles. Their dogma is all about total control – http://adinakutnicki.com/2012/07/01/leftist-dogma

    Moreover, he is anti-American in so many ways, and his finances are just one facet – http://adinakutnicki.com/2013/01/16/the-leftistti

    Besides, there is little more which is as onerous and outrageous as listening to a limousine, radical leftist crow about sharing the load. What a load of crap.

    Adina Kutnicki, Israel – http://adinakutnicki.com/about/

  • rangerrebew

    Saint Gore has gotten his millions, or billions, out his snake oil scam on global goreing, now he's getting all the money he can before the truth hits the fan. He's leaving the holy goran to his minions of worshippers and living high of the global waming tithes in his oceanfront mansion which should be swallowed up by rising sea levels. Apparently Saint Gore has called off the rising oceans. The same kind of fanatical nut that flew kamakazi planes, went with Jim Jones, looks to go to allah by blowing himself and others to bits, are of the same emotional ilk as the former were. The very rich will always have, and will always, get wealthier off low informtion fanatics looking for a cause. If those people are open to be scammed, is it the fault of the scammer that they are unable to make informed decisions? The MSM scams the low information reader in exactly the same way Saint Gore did, getting the minnions to buy their liberal views and hatred of America – but that is "journalism" not a scam. As for scams like Saint Gores, the media only sees such scams coming from the wealthy (if not democratic) and conservatives.

  • gray man

    Mr Greenfield, not to change the subject, but I have no other way of contacting you. What is going on at sultanknish.blogspot.com? I haven't been able to log on for about four days?

    • Daniel Greenfield

      you can email me at sultanknish@yahoo.com

      that said, the site is up, do you have trouble loading it or logging into an account to comment?

  • Raymond in DC

    Apple is certainly capable of defending itself, but to target Apple, as Greenpeace often does, just because it's prominent isn't fair. Apple manufactures overseas. Most of its sales are overseas. It simply keeps most the profit earned overseas … overseas. You could as well have targeted GE, and its head, Obama's buddy Imelt, for the low taxes GE pays. (They too have extensive overseas operations.)

    As to Gore, his deal with Al-Jazeera actually closed January 2, so he won't benefit from last year's lower taxes. (No doubt he tried.) But don't cry for him. He's making many millions on low-priced Apple stock options unavailable to the rest of us.

    • Db

      Why isn’t Google, and Microsoft and the other companies that do the EXACT same thing mentioned? Is it a better attention grabber if you JUST list Apple? It’s the same with Foxconn and Chinese labor. Amazon, SAMSUNG of all companies, Microsoft and many of the electronics companies that supply over 50% of our electronics and devices are made in the same factory, using the same labor. All you have to do is look on the Foxconn site or even Wikipedia. Google was said to have most of it’s money offshore and using tax shelters also, as well as Amazon, MS and the rest of them. This is common. Not good but common.