“Apple CEO Tim Cook’s fundraising breakfast for House Speaker Paul Ryan on Tuesday was the talk of Silicon Valley,” Naomi LaChance writes for The Intercept. “Cook, after all, has been outspoken in his opposition to Republican-backed anti-LGBT measures and has refused to provide any support for the Republican convention on account of Donald Trump’s more virulent positions.”

LaChance writes, “But the bottom line is the bottom line.”

“Apple has billions of dollars stored in subsidiaries in offshore tax havens — about $181 billion, in fact — more than any other U.S. corporation,” LaChance writes. “And he needs Republican help to be allowed to bring it back to the U.S. without paying the statutory 35 percent corporate tax rate.”

Read more in the full article here.

MacDailyNews Take: Obviously, U.S. corporate taxes are too high.

Under the current U.S. corporate tax system, it would be very expensive to repatriate that cash. Unfortunately, the tax code has not kept up with the digital age. The tax system handicaps American corporations in relation to our foreign competitors who don’t have such constraints on the free flow of capital… Apple has always believed in the simple, not the complex. You can see it in our products and the way we conduct ourselves. It is in this spirit that we recommend a dramatic simplification of the corporate tax code. This reform should be revenue neutral, eliminate all corporate tax expenditures, lower corporate income tax rates and implement a reasonable tax on foreign earnings that allows the free flow of capital back to the U.S. We make this recommendation with our eyes wide open, realizing this would likely increase Apple’s U.S. taxes. But we strongly believe such comprehensive reform would be fair to all taxpayers, would keep America globally competitive and would promote U.S. economic growth.Apple CEO Tim Cook, May 21, 2013

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Thomas Sowell on Apple, corporate taxes, and ‘the road to serfdom’ – May 28, 2013
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