Many corporations have to find ways to save on taxes. Working Americans can also find ways to save on taxes. Have your own business and/or use 1099 instead of W2.
Apple is an example of a smart company. We thank Apple for the many jobs it created. We should encourage more enterpreneurs and job creation business. We should upgrade our educational system to incorporate important job skills sets for the global and technical workforce to be competitive. We have to learn another language, learn computer data analysis, and learn new technologies.
As a parent of two young adults in college, I cannot influence my children to be a doctor or software computer engineers. I can only hope that they have goals and ambitions to compel them to strive for the better. I can show them the standard of living in other developing countries. I am happy that they wanted to pursue their passions, be an art teacher and an environmental engineer and that they are working students, saving money anyway they can. In other countries, there is not enough opportunities for internships and college students to work part time. In Canada, there is 4 months of college days and 4 months of internships. In India, the BS in Computer Science and MS in Computer Science can be completed in less years compared to other countries.
————Apple’s Taxes for its business in Ireland———–
FACT CHECK The European Commission makes clear, and tax experts agree, that Ireland let Apple determine how much of the income that it generated in the country would be recognized and taxed there.
The rest of Apple’s income that was not recognized and taxed in Ireland could be put in other corporate structures that were effectively stateless. That meant the money in those structures was not taxable anywhere — not even in Ireland — and thus not subject to Ireland’s 12.5 percent tax rate.
While other companies have also had the right to negotiate with Ireland, the commission considers these sorts of loopholes a no-no.
“In the U.S., states can fall all over themselves to offer subsidies and loopholes, but that is exactly what is illegal in Europe,” said Edward D. Kleinbard, professor at the Gould School of Law at the University of Southern California and a former chief of staff to the congressional Joint Committee on Taxation.
In the United States, politicians, lawmakers and officials have derided “inversion deals,” which allow an American company to move its headquarters overseas to cut its tax bills. In Ireland, they are celebrating them.
The Irish government on Tuesday revised the country’s economic growth rate in 2015 to 26.3 percent from a preliminary estimate of 7.8 percent. While Ireland’s economy has been on the upswing since the country repaid its bailout, it wasn’t that the Celtic Tiger suddenly came roaring back in an unexpected way. Rather, it was the magic of those inversion deals and other sleights of finance.
Under a typical inversion deal, a United States company takes over a foreign counterpart and, in the process, shifts its headquarters overseas. The takeover targets for such deals are typically based in countries with low corporate taxes — like Ireland, with its 12.5 percent rate.
The combined company’s global profits are then reported in its new home base, regardless of where they are earned. In essence, Ireland’s G.D.P. is artificially inflated.
Inversions have drawn the ire of the Obama administration, since they put a greater burden on American taxpayers.
Last year, the medical device maker Medtronic bought its rival Covidien, reincorporating in Ireland. More recently, Johnson Controls of Milwaukeeagreed to join up with Tyco of Cork, Ireland. (Tyco itself has hopped from locale to locale, having been in Bermuda, then Switzerland, before ending up in Ireland.)
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