According to CNBC, Mr. Tim Cook the CEO of Apple and Democratic supporter, has just weighted in on his view of tax inequity in the US[i]. It is always refreshing to see the views of the CEO of a US based international mega-corporation who avoids paying taxes by sheltering money overseas. In Apple’s case they avoid paying money wherever they can, and I think it works out to billions of dollars kept off the tax base.
Tim promises to keep that money where the US or Europe can’t tax it until we have a “fair rate.” Obviously he does not like the current 35% corporate rate on the books, or perhaps he is concerned the top 1% aren’t paying their fair share?
Interestingly, Mr. Trump has proposed lowering the corporate tax rate from 35 to 15%, and Ms. Clinton has not weighted in with specific rate proposals, only the ideas that we should look at ways to keep company profits in the US, or penalize companies that expatriate.
Ms. Clinton, who Mr. Cook supports, has proposed higher rates for the wealthy, but as mentioned, has not chosen to address how internationally diverse companies, like Apple, should pay their “fair share.” So far she’s not even defined what “fair” looks like.
Does anyone really believe Apple will voluntarily pay corporate taxes if there was a change to the individual tax codes? In fact, I would go so far as to say Mr. Cook would look for ways to avoid personal taxation that exceed what he, his accountants, and lawyers do today if the rates were changed.
We talk about corporate greed, and then for some reason never question the honesty of billionaires who have made their fortunes off our society. That is unless they espouse support for anyone other than a Democrat.