The flap over Apple’s (AAPL) corporate tax strategy might seem like a snoozer, until you consider who makes up the difference for Apple’s shrunken tax payments. That would be you, dear taxpayer.
Apple is in the crosshairs as Congressional investigators claim the company used audacious accounting methods to avoid paying tax on at least $74 billion of income during the past three years. Apple did nothing illegal but it shifted money among various overseas entities in a way that essentially left billions in income under no nation’s jurisdiction. Senate Democrats initiated the investigation as legislators are beginning the spade work for what may ultimately be an ambitious effort to overhaul the entire U.S. tax code.
Apple is the latest poster child for a tax system many experts say is routinely abused by those with the means to hire tax lawyers and accountants able to fully exploit hundreds of loopholes. General Electric (GE), Microsoft (MSFT), Google (GOOG) and many other companies haveRead More »from Here’s Who Pays the Bill for Apple’s Tax Avoidance