Joseph Stiglitz: Elizabeth Warren & Bernie Sanders Want to Make the Econ...

Corporate Taxes: Last Week Tonight with John Oliver (HBO)

With profanity. 

Apple to Bring $ Billions Back to U.S.

Apple to Bring Billions Back to US after new tax law

https://www.nytimes.com/2018/01/17/technology/apple-tax-bill-repatriate-cash.html?

After a Tax Crackdown, Apple Found a New Shelter for Its Profits - The New York Times

After a Tax Crackdown, Apple Found a New Shelter for Its Profits - The New York Times

The previously undisclosed story of Apple’s search for a new island tax haven and its use of Jersey is among the findings emerging from a cache of secret corporate records from Appleby, a Bermuda-based law firm that caters to businesses and the wealthy elite.

The records, shared by the International Consortium of Investigative Journalists with The New York Times and other media partners, were obtained by the German newspaper Süddeutsche Zeitung.

Continue reading the main story

RELATED COVERAGE

• 

  Apple Owes $14.5 Billion in Back Taxes to Ireland, E.U. Says AUG. 30, 201

  
  

  The documents reveal how big law firms help clients weave their way through the gaps between different countries’ tax rules. Appleby clients have transferred trademarks, patent rights and other valuable intangible assets into offshore shell companies, avoiding billions of dollars in taxes. The rights to Nike’s Swoosh trademark, Uber’s taxi-hailing app, Allergan’s Botox patents and Facebook’s social media technology have all resided in shell companies that listed as their headquarters Appleby offices in Bermuda and Grand Cayman, the records show.

“U.S. multinational firms are the global grandmasters of tax avoidance schemes that deplete not just U.S. tax collection but the tax collection of most every large economy in the world,” said Edward D. Kleinbard, a former corporate tax adviser to such companies who is now a law professor at the University of Southern California.

U.S. Companies Hold Trillions of Dollars of Profits Offshore 

The top 20 S&P 500 companies by earnings parked overseas. 

Apple

Pfizer

Microsoft

General Electric

Google

IBM

Merck

Johnson & Johnson

Cisco Systems

Exxon Mobil

Oracle

Procter & Gamble

Citigroup

Intel

Chevron

PepsiCo

Hewlett Packard Enterprise

HP

JPMorgan Chase & Co.

Gilead Sciences

$236 billion

178

146

82

78

71

71

66

66

54

54

49

47

46

46

45

41

41

38

38

Note: Figures for Apple, Pfizer, Microsoft, Google, Merck, Oracle, Hewlett Packard Enterprise and HP include some estimated earnings on which companies have provided for a U.S. income tax liability. 

By The New York Times | Source: Zion Research Group 

European Union: Apple owes Ireland nearly $15 billion in back taxes