Another AP love letter to Dear Leader. It’s past time they get honest and just designate one of their reporters Chief White House Fluffer/Fellator.
Yeah, they could have brought that money home a long time ago with the higher tax rate to help fund our infrastructure like good citizens. JHC this is galling.
Corporations willing to stick it to their country or locality, and politicians without the will to use the power granted to them by the people.
What I want to know is how much in taxes did we lose because of this? Nobody is reporting that. If the taxes stemming from these jobs make up that difference, then I might come around on this kind of amnesty.
Okay, it all sounds good. But I wonder, how many H1B visas of brown people from, say, the Indian subcontinent will it result in?? (The GOP anti-immigration league will surely turn a blind eye here, I suspect.)
Or perhaps they are offering retraining courses for unemployed miners?
(Sorry, in a bitter and skeptical mood today. Or rather, even more so than usual…)
So how much will it cost US and what will the cut to pay for it vs revenue it brings in. Have you seen Norway’s tax rates?
This headline is bullshit and so is mostly anything from the AP.
As I gleefully posted to several fawning techie boy sites, this is strictly PR from a business that wants to curry favor with a neo-Nazi, white supremacist regime*. Nothing else. You ain’t getting an iMac Pro now for $1599. Your new iPhone ain’t gonna only be $599 for the most expensive model. All businesses are conservative by nature, and all businesses (especially major ones) seek political leverage by flattering the government. Usually in bids for favorable things. Shocking, I know. But it was fun to tell “libertarian” techie boyz that they’re still on the hook for this payday loan/tax scam. And that Apple, with the obsequious Tim Cook at the helm, was not pining away all these years on Irish shores to repatriate its money. And that high-fiving a company that now has a close to zero if not flat tax rate is hiliariously stupid. But go ahead and cheer, morons, as they find even bigger loopholes in this poorly written law while you pay more.
*Strangely reminds me of a “Simpsons” episode where Marge goes into business for herself, and the next day, the Wall Street Journal runs a headline: “Local woman succeeds because of Republican tax cuts.” (Or something along those lines.)
Well, Apple can be seen on any Friday night hanging out at the Lamp Post it staked out for doing business.
But in the corporate world, there are a lot of Lamp Posts.
“”""“That’s what happened the last time a one-time break on offshore profits was offered more than a decade ago”"". I believe that’s a drawn out oxymoron.
Weird. I don’t remember all these fluff pieces when the Obama administration saved big Auto and cut taxes and infused capital into big banks to prevent further collapse of the economy and, I don’t know, 7 years of economic growth. I think they would have led with “most of the $350 billion reflects money that Apple planned to spend with its suppliers and manufacturers in the U.S. anyway” instead of “Apple is planning to build a new corporate campus and hire 20,000 U.S. workers in an expansion driven in part by a tax cut that will enable the iPhone maker to bring an estimated $245 billion back to its home country.”
Time for a little math.
20,000 employees, lets just say they all make a avg of 100,000. Total yearly cost 2 Billion.
They are bringing back 245 Billion.
DING DING DING DING!!!
A winner!
Lede:
SAN FRANCISCO (AP) — Apple is planning to build a new corporate campus and hire 20,000 U.S. workers in an expansion driven in part by a tax cut that will enable the iPhone maker to bring an estimated $245 billion back to its home country.
Body of Story:
Apple has earmarked about $75 billion of the money currently overseas to finance $350 billion in spending during the next five years. The spree will include the new campus, new data centers and other investments.
But most of the $350 billion reflects money that Apple planned to spend with its suppliers and manufacturers in the U.S. anyway, even if corporate taxes had remained at the old 35 percent rate.
Analysts have also predicted that most of those overseas profits will flow into stock buybacks and dividend payments. That’s what happened the last time a one-time break on offshore profits was offered more than a decade ago.
SMDH