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The EU actually convinced Apple to move their savings to the Isle of Man. That's not a race to the bottom, that's throwing the baby out with the bath water. Tax
by valuearb 9y ago
The EU actually convinced Apple to move their savings to the Isle of Man. That's not a race to the bottom, that's throwing the baby out with the bath water. Taxing bank deposits like you tax an operating business is a ridiculously dumb policy.
- kevin_thibedeau 9y agoThey're taxing the interest gained not the deposits just like everyone else has to pay tax on their interest. Fair is fair.
- valuearb 9y agoThere are many countries that don't tax the interest on bank deposits, just none in the EU anymore. And those countries are where the EU is driving companies to move their deposits to.
- eksemplar 9y agoFor now. We’re not going to continue to let these unethical companies to operate in the EU forever without contributing. You probably think this sounds silly, but it’s what the majority of the voters here want and the EU though slow is moving with the people not the corporations.
- valuearb 9y agoIt's not silly, just dumb. A foreign company that wants to deposit billions in your countries banks without any other services in return is an immense benefit to your country. Trying to tax them for it on top is short sighted and greedy.
- dragonwriter 9y agoA lot of the foreign-for-tax-purposes funds of US corps is held in US bank accounts in the name of the foreign subsidiary of the US parent. It's not doing any particular good for the economy that is the legal home of the subsidiary except to the extent that it is taxes there.
- valuearb 9y agoNot all of it. Even if Apple is only keeping 1% in Ireland, that's a few billion that Ireland banks wouldn't have had otherwise. What's the Keynsian multiplier on that?