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December 8, 2016 10:00 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/5gVCh2G9Elg/every-us-taxpayer-has-effectively-paid-apple-at-least-6-in-recent-years
Every US Taxpayer Has Effectively Paid Apple At Least $6 in Recent Years
An anonymous reader shares an ArsTechnica report: Apple has received at least $6 per American taxpayer over the last five years in the form of interest payments on billions' worth of United States Treasury bonds, according to a report by Bloomberg. Citing Apple's regulatory filings and unnamed sources, the business publication found "the Treasury Department paid Apple at least $600 million and possibly much more over the past five years in the form of interest." By taking advantage of a provision in the American tax code, Bloomberg says that Apple has "stashed much of its foreign earnings -- tax-free -- right here in the US, in part by purchasing government bonds." As The Wall Street Journal reported in September, American companies are believed to be holding approximately $2 trillion in cash overseas that is shielded from US taxes. Under American law, companies must pay a 35-percent corporate tax rate on global profits when that money is brought home -- so there is an incentive to keep as much of that money overseas as possible.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/5gVCh2G9Elg/every-us-taxpayer-has-effectively-paid-apple-at-least-6-in-recent-years
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