Because they can indefinitely shield their foreign profits from U.S. taxes, meanwhile engaging in endless (legal) schemes to avoid taxes in countries where they book those earnings, the link between the profitability of American companies and the well-being of America is broken.
I want Apple to innovate with new "incredibly great" products that wow the world like the iMac and iPhone did--not with new ways of nickel and diming Uncle Sam. Do what's right and stick to what Apple does best and continued success will surely follow.
Google, Amazon, Starbucks, every other major corporation, and every big Wall Street bank, are sheltering as much of their U.S. profits abroad as they can, while telling Washington that lower corporate taxes are necessary in order to keep the U.S. "competitive."
With the economy showing signs of recovery, it's high time that our federal lawmakers move beyond these self-induced crises and begin to talk about tax reform that can help taxpayers move forward with a clear understanding of how the tax code works and how much they owe.
At this point in our history, I am certain the country would be listed in realtor's terms as a "fixer-upper" or a "handyman special." This country might not have a long history compared with others around the world, but it has a strong one.
Is that Mitt's fault or Congress's fault? If I had Mitt's money, I would be looking for every tax advantage that Congress has to offer. If I were a financial adviser to Mitt Romney, I would be helping him find those tax advantages. Just like any other good adviser would do.
All those official government stats on the maldistribution of wealth in the United States -- and the world -- vastly understate the actual extent of our contemporary inequality, says a landmark new study on global tax havens.
That's more than the gross domestic product of Saudi Arabia, the world's richest oil economy, not to mention a bunch of other countries. And Apple paid a lower federal income tax rate last year than the average California schoolteacher.