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Showing posts with label Corporate Income Tax. Show all posts
Showing posts with label Corporate Income Tax. Show all posts

Saturday, June 1, 2013

Abolish the Corporate Income Tax!

By Patrick J. Buchanan


Sen. Carl Levin was aghast.

Before his committee sat, unapologetic and uncontrite, Apple CEO Tim Cook, whose company had paid no U.S. corporate income taxes on the $74 billion it had earned abroad in recent years.

“Apple has sought the Holy Grail of tax avoidance,” said Levin. “Apple has exploited an absurdity.”

Actually, Apple had done nothing wrong, except hire some crack accountants who chose Ireland’s County Cork as the headquarters of their international division. Thus Apple paid on profits earned outside the U.S.A. nothing but a 2 percent tax imposed by the Irish government.