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  • Why Public Companies Should Have Public Tax Returns [View article]
    ...and John McCain just wanted Tim Cook to tell him why he needs to keep updating his apps. Most of these Congressmen are in way over their heads, little no understanding of what they're dealing with.

    "For years, Apple has opted to forego fully contributing to the U.S. Treasury and to American society by shifting profits and circumventing U.S. taxes," -- John McCain

    If I can't remain within the tax law AND 'fully contribute' to American society at the same time, count me out.
    May 22, 2013. 09:52 AM | 2 Likes Like |Link to Comment
  • Why Public Companies Should Have Public Tax Returns [View article]
    "But it does seem that Appleā€™s total actual federal tax payments in both FY2010 and FY2011 were less than 10% of its reported net income."

    You make tax payments on taxable income, not book income. 99% of companies will have far lower tax income than book (see FAS 109). It looks like AAPL's tax payments are moving in-step with their revenue growth, roughly doubling on both accounts. Tax avoidance is legal, big MNCs spend a lot of money employing a lot of people to accomplish this in a legal, sustainable manner. These corporations are under constant audit by internal parties, external advisors (Big 4) and by the IRS, and I feel people have a tendency to overlook that. And it's getting more transparent all the time, with the advent of the schedules M-3 and UTP in the last few years.

    I'm not sure public tax returns are really the answer. There's nothing in these tax returns that any of these aforementioned groups is not already precisely aware of, and frankly, few others would be able to glean any insights (certainly not Congress, or the American populace).
    May 21, 2013. 03:34 PM | 1 Like Like |Link to Comment
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