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Rage against Yourself

Monday, February 13, 2012, 21:27 EDT Leave a comment Go to comments

iGreed?What do you think are the chances that the now passé Occupy [Insert City Here] revolutionaries will rise from the ashes in righteous indignation over this?

By taking advantage of lax U.S. transfer pricing rules, Apple Inc., the world’s most valuable company, cut its federal tax bill by billions of dollars in 2011. Moreover, by taking advantage of flexible accounting rules, the company masked its tax avoidance by reporting a relatively high effective tax rate.

[ . . . ]

[T]he company reports only 30 percent of its profits as being from the United States. By shifting large amounts of profits out of the United States, Apple is doing nothing illegal or out of line with the tax practices of other companies with lots of high-value intangibles. U.S. transfer pricing rules are a sieve.

Glenn Reynolds, who pointed to this summary by TaxProf, cuts to the chase: “Apple Paid A Lower Tax Rate Than Mitt Romney.”

Maybe the Occupy people can tweet their populist rage from their Mac laptops, iPads, and iPhones while grooving to their iPods.

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