How can profits be brought "BACK" to the US without ever having been in the US in the first place?
Levin et al keep talking about "repatriating" or "bringing overseas profits BACK" to the US. But doesn't bringing something "back" to some place imply that that something came from that place in the first place?
I understand congress, sleazy pigs that they are, wanting to strong-arm someone into bringing some overseas profits "to" the US, but strong-arming someone into bringing "back" overseas profits that were never in the US goes beyond even the worst that congress has ever done. Sounds like Levin and gang are using the holy grail of word gimmicks to try to pull the wool over the eyes of the citizenry.
Does it appear to you, as it appears to me, that congress is looking more and more like the thugs and hoodlums of the old Soviet Union? But instead of using the KGB, the congress uses the IRS.
And will Obama's IRS come looking for me because of the statements I made above, and try to bully me and punish me for exercising my first amendment rights? In light of what has become known about the IRS and its apparent beholdance (yeah, yeah, I know, beholdance isn't a real word, but you know what I mean) to the current administration?
Dont be a #$%$ the majority of the money overseas was made on sales in the US. That being said, he govt is completely irresponsible and the last thing I want to do is pay more taxes so if there is a loophole Apple can exploit that seems fine by me. I'm sure our corrupt politicians do it all the time.
If you listened to Cook, Oppenheimer and Bulluck's testimony, all the profits made via the Irish entities was from revenue made in overseas sales not U.S. I understand Bigbiz's question as I thought the same thing. One of the entities is a holding company. I'm not sure how all of this works but I know in contractual matters it makes a difference where the point of sell took place or originated. I know if I buy something online via Amazon or whoever, I don't pay sales tax unless that company whom I purchased goods has a physical business in my state. If they do, then I have to pay that state's applicable sales tax. If not, nada! What I did get from this hearing yesterday is Apple is complying with the law put in place and shouldn't be singled out for not paying enough U.S. taxes. Our Congress is backwards. The fact that we are the ONLY country that has not amended its tax code since the 1960's totally blows me away!