“CNBC’s Jim Cramer has a message for Tim Cook critics: He’s right on taxes,” Fred Imbert reports for CNBC.
“‘One of the things I did take seriously when I was in law school was taxes,’ Cramer said Monday on Squawk on the Street,” Imbert reports.
The main thing you learn is that tax avoidance is everybody’s… duty. You’re supposed to try to avoid… There’s confusion between the words ‘avoid’ and ‘evade.’ ‘Avoid’ is patriotic because you’re allowed to figure out the code. ‘Evade’ [and] you go to jail. – Jim Cramer
Read more in the full article here.
MacDailyNews Take: Yup.
Tax avoidance is legal and, obviously, the U.S. corporate tax rate is way too high. — MacDailyNews, March 12, 2014
SEE ALSO:
Apple CEO Tim Cook is absolutely right – and wrong – on U.S. corporate tax policy – December 20, 2015
Apple CEO calls corporate tax rap ‘total political crap’ – December 18, 2015
Apple avoids $59.2 billion U.S. tax bill – October 7, 2015
U.S. companies now have $2.1 trillion overseas to avoid corporate taxes – March 4, 2015
Intel CFO: Obama repatriation tax proposal ‘lipstick on a pig’ – February 4, 2015
U.S. Congress, Obama take Apple CEO Cook’s advice, eye corporate tax changes – February 3, 2015
Obama targets foreign profits with tax proposal, Republicans skeptical – February 2, 2015
Senator Rand Paul finds Democratic partner for tax repatriation holiday – January 30, 2015
Businesses hopeful Republican control of U.S. Congress will break tax-reform gridlock – November 5, 2014
Not in Taxes anymore: On site at Apple’s famous Irish ‘headquarters’ – November 2, 2013
Regan: U.S. tax code spurs loveless foreign corporate ‘marriages’ – May 13, 2014
Ireland to close Apple’s tax loophole, but leave bigger one open – October 15, 2013
G20 think tank OECD proposes blueprint for global crackdown on tax avoidance – July 19, 2013
Thomas Sowell on Apple, corporate taxes, and ‘the road to serfdom’ – May 28, 2013
Taxing Apple just taxes you – May 24, 2013
Don’t tax Apple, tax its shareholders – May 24, 2013
If Apple paid more tax, we might pay less or something – May 22, 2013
Apple CEO Tim Cook pounds another nail into the Keynesian coffin – May 22, 2013
Apple CEO Cook makes no apology for company’s tax strategy – May 22, 2013
I use every loophole and deduction I can to avoid taxes. No person or company wants to pay more than they have to.
“Tax Avoidance” should be practiced as vigorously as “Death Avoidance.”
Every penny kept out of the hands of the government is a net benefit to the country. The parasite is out of control.
-jcr
Absolutely. Screw the poor. Feed them to rich people’s dogs.
Screw the infrastructure, the fire departments, schools, the roads, the military, caring for our disabled veterans, law enforcement, all of it. SCREW OTHER PEOPLE.
When Trump is president he will give power back to the corporations and the rich, the way Mussolini taught us is best.
Sig Heil indeed.
Yada yada.
Fyi.
The rich pretty much pay all taxes.
50% of Americans pay zero taxes.
Corporations like Apple pay BILLIONS in taxes already.
The government wastes billions in taxes.
If Apple gave everything they have, they would bare pay interest on nation debt for a month.
Half of the tax revenue confiscated by the government goes to entitlement programs for the poor.
Fire departments are paid for by cities. A whole different tax infrastructure.
Screw other people?
What is it that makes you think I am your responsibility? Because I am not.
You sire, fire statements around like farts after a bean dinner.
It’s a myth that around 50% pay no taxes. Maybe around 50% pay no federal income taxes. But they pay state, local, payroll, sales, FICA, etc taxes. And of those who pay no federal income taxes, most are elderly retired, students in school, disabled, etc…hardly the moochers that GOPers claim they are.
If you believe that government helps the poor, you’re far too stupid to manage your own affairs. Find yourself a competent legal guardian.
-jcr
Legalize drugs and tax the people that use them. The government has spent trillions of dollars to prevent people from using resulting in more drugs in circulation, cheaper drugs, violence, corruption, and extreme sentencing for nonviolent users. Kill the power of the cartels and fund treatment centers. Seriously, once the government recognizes that users will pay them money for drugs the government will see drugs as a cash cow the cartels have been milking for years.
If I could betray countries and continents by just being big enough?
If I could get rich on the back of others, why not?
I tell you why not: because it is wrong. Thats why people are not allowed to do that.
Only companies are allowed to be criminal, because they pay Irish governors ?
2,5% instead of a very low 12,5% is like Xmas everyday for Apples CEO.
Who do you think has to compensate this? Schools and streets are of course not the scope of Apples business.
Since when do we exclude huge Companies from paying their community share ?
WTF is going on Gentlemen?
Change the LAWS and Apple will comply. Bad Brit laws are NOT the fault of Corporations.
How many British Corporations are “based” in the Channel Islands or the Bahamas and Caymans? Aren’t they also “avoiding” paying maximum tax??
” because it is wrong”
Keeping what you earn is wrong? Fuck you.
-jcr
Hey little Cesar, mind your manners.
That is all we have now.
So, when I say that government isn’t entitled to rob us, you call me “Caesar”, who was a dictator?
Logic isn’t your long suit, is it sparky?
-jcr
You’re full of crap.
Keeping much of what you own is one thing. Paying your share is quite another.
here’s a great idea for you John. Pay no taxes. Pay for every service a la carte. Make sure to stay on the good side of those you pay, lest they decide to cut you off from a servicde or necessity.
Make sure there in no protection from fraud, or malfeasance, or disease. Make sure that ecvery road and school is biuilt with the funds only YOU decide to make available.
You’re just plain full of shit, so fuck you back.
Your little diatribe assumes that if government does something now, that it can’t possibly happen otherwise. That’s an appalling level of ignorance on your part.
There were roads before anyone robbed people to pay for them. Ever heard of a turnpike?
-jcr
Are you implying Apple should pay more than the law requires because it’s somehow the right thing to do?
Congress could change the tax code any time they develop the political courage to do so. But political courage seems to be in short supply lately.
That is why the rest of the world is convinced to downgrade Apple.
There is no spirit anymore. It is all about money today.
It would seem your issue is with the Irish government, not Apple. If Apple were to pay some higher amount than the Irish tax code requires, what then? The taxman would be required to correct Apples math and return it anyway.
OTOH, 2.5% does seem wrong. And special deals for particular companies is also pretty lame, although there is probably another country waiting in the wings to underbid Ireland, given the chance to get some Apple jobs to come there. The opportunity for companies to engage in world-wide arbitrage for labor and capital is pretty unfettered these days and even huge companies are quicker and more nimble than national governments.
Maybe the color of your flag doesn’t count anymore, only the color of the smock your employer provides, whether its a white lab coat at Foxconn or a blue vest at Walmart. Citizens of the world, kiss your asses goodbye.
…”Since when do we exclude huge Companies from paying their community share ?”
Apple paid over $14B (that’s billion, with a ‘B’, as in thousand million) in US taxes in 2014; second only to Exxon-Mobile (which paid $18B). In other words, Apple paid more in US taxes than ANY other company in the world, except for the big oil Exxon-Mobile.
Tell me again, how are huge Companies excluded form paying their community share?
…”Since when do we exclude huge Companies from paying their community share ?”
Apple paid over $14B (that’s billion, with a ‘B’, as in thousand million) in US taxes in 2014; second only to Exxon-Mobile (which paid $18B). In other words, Apple paid more in US taxes than ANY other company in the world, except for the big oil Exxon-Mobile.
Tell me again, how are huge Companies excluded form paying their community share?
And with respect to their actual community, Apple is by far the biggest tax payer in Cupertino, California (as well as in the state of California, for that matter).
Again, excluded from paying their community share…???!!!
IBYP, I get it that you don’t like Apple. Why are you here?
Since you are totally cool with using NO FACTS and only bitching and making incorrect claims, maybe your a paid Samsung troll?
PS, since Apple pays taxes in the country where something sells in (value added tax etc) why should it pay Ireland tons more on money where tax has already been paid???
I do not pretent to know all the facts (as I do not have access to Apples books) but I try not to just make stuff up. It makes you look bad. 🙁
That does not impress me really. Sorry.
Do you eat a lot of Cale?
Whilst I agree that Apple, like most of us, legally minimises their taxes and that the government should reform the tax system to close loopholes that are being exploited.
I don’t see it as ‘patriotic’ or anything the cheer about that tax reform hasn’t happed yet.
It’s another myth that US corporate taxes are too high. Many big corporations take advantage of so many loopholes, that they pay less in taxes than most companies in most countries.
Here’s Warren Buffet:
The interesting thing about the corporate rate is that corporate profits, as a percentage of GDP last year were the highest or just about the highest in the last 50 years. They were ten and a fraction percent of GDP. That’s higher than we’ve seen in 50 years. The corporate taxes as a percentage of GDP were 1.2 percent, $180 billion. That’s just about the lowest we’ve seen. So our corporate tax rate last year, effectively, in terms of taxes paid for the United States, was around 12 percent, which is well below those existing in most of the industrialized countries around the world. So it is a myth that American corporations are paying 35 percent or anything like it…Corporate taxes are not strangling American competitiveness.
MDN: Tax avoidance is legal and, obviously, the U.S. corporate tax rate is way too high. — MacDailyNews, March 12, 2014
NO. The corporate tax rate on FOREIGN MADE PROFITS is outrageously too high. It’s all about taxes that are sane and fair. This tax is NOT. It’s time to boot Carl Levin and his ilk OUT of the US Congress, ending their obstructionism!
The trouble with discussions on US taxes is the overwhelming level of baloney thundering through the US media on this topic.
For example, US corporate taxes are too high, right? This is where you pull out your hanky and cry a river of tears. Practice your loud sobbing.
Fact: It has been well documented that corporations pay substantially less that the touted 34%. That number is for publicity. The real US corporate tax rate is around 17%, and many studies show that the largest companies pay little if any tax. In addition, back in the late 1980’s and early 1990’s there was a raging fight in Congress about corporations sending big bucks out of this country to invest overseas. After years of squalling and screaming, it was agreed they could send the money out tax free, but the understanding congress made was the corporations would pay taxes when the profits were coming back. Now, twenty to thirty years later, they are hoping you will have forgotten their deal. Who wouldn’t like no tax on the way out and no tax on the way back.
But Congress is also in this bulls**t contest up to their eyeballs, because they love to spend the money.
This is the Congress that sends over $10 billion a year to Pakistan. Hm. One of the shooters in San Bernadino was from guess where? Oh yeah. Pakistan. And one of the major news magazines sez we really send over $25 Billion to Pakistan. Thank you, CIA for saving me from the XXX-istan countries. And then there’s the $20 Trillion in expenses saving the Middle East from themselves.
Next time you hear your state claim they don’t have enough money to fix the roads, potholes, bridges, etc., call your congressmen. Suggest they cut the XXX-istan funds. Fix all the roads, thank you.
And compliment Apple for one million workers earning far less than the minimum wage for 60 hour work weeks, no overtime thank you.