U.S. SEC ends review of Apple taxes, overseas cash

“Four months after raising questions about Apple’s foreign earnings and taxes, the U.S. Securities and Exchange Commission has ended its investigation without plans to take any further action,” Daniel Eran Dilger reports for AppleInsider.

“In June, the SEC initiated its examination of Apple’s Form 10-K filing from September 2012 just shortly after the U.S. Senate’s Permanent Subcommittee on Investigations had called the company’s chief executive Tim Cook to testify about Apple’s payment of taxes,” Dilger reports. “America’s intense government scrutiny of one of its most successful companies relates to the fact that Apple maintains vast overseas holdings that it will not repatriate into the U.S. because American tax laws would claim over a third of it.”

Dilger reports, “At the beginning of September, the SEC noted that it had completed its review and had no plans to take further action related to Apple’s income and tax matters.”

Read more in the full article here.

MacDailyNews Take: The U.S. corporate tax rate is obviously 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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    1. …according to Mr. Dolphin, “Assuming it is only the hundred mile limit, the ban really doesn’t present a problem to those of us who can swim. However we are extremely sympathetic to the coral on fixed incomes.”

    2. Look, I have been trying to focus solely on Apple discussions and avoid the political crap on this forum. But you just can’t stop, can you botvinnik? You are a stupid fucking bastard who just likes to stir up trouble. People like you are bringing down this country. Your extremism breeds more extremism in response. It is a sad cycle of decline and you represent the cause. I would love to kick your ass.

      1. “Look, I have been trying to focus solely on Apple discussions and avoid the political crap on this forum.”

        And yet you continue to come here and be perennially pissed off by “botvinnik” and others. Aaaaand, you didn’t hesitate to jump in when he brought up our criminally inept leader. Maybe you should have just made your own statement regarding the article and left it at that, disregarding your disdain for a guy who could probably make you cry like a baby.

        Besides, there might be hope for “botvinnik” yet; he finally got rid of his Yankees avatar!

        1. Right…I should listen to another anonymous “contributor” who self-designates as a “referee.” Besides, my post was not political. As you stated, it was pure disdain for botvinnik and his ilk. There is no hope for him, regardless of avatar.

          And just what makes you think that botvinnik could make me regret anything that I said to botvinnik? While it is remotely possible that he might actually have a shot at winning a battle, he would seriously regret it either way. If you are willing to go into battle, that is the only way to fight.

    3. botvinnik, you are often the first to post on this forum. Perhaps you might recognize yourself in the quote from an article by Ron Amadeo:

      “The frequent “First!” cry of the Internet troll declares some strange pride in being the first to comment on an article. The commenter put little to no effort into the post; it added nothing to the conversation, and it was completely devoid of substance. The troll did secure the spot at the top of the thread, though, and every additional commenter will be forced to scroll past the pointless contribution.”

        1. I’ll pass on your offer., botty.

          I do want to offer you a sincere congratulations, though, botty. Thanks to a recent Supreme Court decision, you should finally be able to get legally married in the U.S.

      1. Last time I checked the Republicans have funded the government. It’s the the Democrats in the Senate that refuse to pass the funding bill.

        They just don’t want to fund Hitlercare.

        And King Obongo having a hissy fit and is shutting down the gobmint.

        Now go back to watching Chris Matheus tingle down his legs for new talking points.

  1. I love it. Being way too greedy (especially on money already taxed elsewhere) the U.S. gov’ment gets nothing instead of something. It takes money to make money and tax on, apparently something beyond officials & especially the Democrats. (I am a Democrat but even I know.)

    I once was told Double Jeopardy would not happen when I did a job in Canada but Revenue Canada and the IRS together still wanted to take 60% of what I’d earned! Revenue Canada wanted to tax money I had made in the U.S. too that year! Just who am I working for then? (My usual tax liability is around half that as it should be.)

  2. Is the SEC going to grandstand the ending of their investigation they way they did when they haled Tim Cook in front of them to testify about Apple’s payment of taxes?

    I’m sure the SEC is going what to show everybody what a great job they are doing.

  3. Ha! I like the last para in that Breitbart feature about King Canute* trying to command the sea; they actually understood the point he was trying to make about the limit of power in the hands of a King, as against those of a higher power.
    A pity that’s not understood by more people today.
    *He was born in Denmark, a Viking, known as Knud in Denmark, and Knut in Norway, before becoming King of England in 1016.
    His statement was:
    “Let all men know how empty and worthless is the power of Kings. For there is none worthy of the name but God, whom heaven, earth and sea obey”
    That should be tattooed in reverse on the forehead of any politician looking to attain a position of power, that they can read it clearly every time they look in the mirror.

  4. Wow, two people here whom I admire in a fight over my country deliberately destroying its credibility in the world.

    Meanwhile: Maybe the lazy/corrupt SEC can now get back to doing its actual job and throw some criminal biznizz executives in jail. Could it happen?

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