iTaxinnovation = i no pay no taxes: Alchemy, Apple Style

Apple’s Taxes Expose the Rotten U.S. Code - Bloomberg: "The company not only has used loopholes to sidestep U.S. taxes on $44 billion in offshore income from 2009 through 2012, according to the subcommittee, but also has three Irish subsidiaries that claim to have no residence -- anywhere -- for tax purposes. Senator Carl Levin, the Michigan Democrat who is chairman of the Senate Permanent Subcommittee on Investigations, which looked into Apple’s tax-avoidance strategies, calls this alchemy. We’re inclined to agree.
The case of Apple is part of a broader trend in which companies use increasingly complicated tax maneuvers to claim more of their income is derived from overseas, or otherwise reduce their U.S. taxes. Companies can legitimately avoid paying taxes on that income, now an accumulated $1.9 trillion, until they bring it home."

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