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The title of the article should be "Google, Apple now powerful enough to hold the entire world to ransom". Given the numbers in the article, that's ~$520 billio
by jimworm 15y ago
The title of the article should be "Google, Apple now powerful enough to hold the entire world to ransom". Given the numbers in the article, that's ~$520 billion of tax revenues they're withholding from the state, and ~$1.5 trillion of liquidity they're withdrawing from Ireland or wherever (someone check the numbers?).
The thing going for the US is that it's still a good place to spend that money, otherwise they wouldn't be contemplating repatriation in the first place.
Arguably, if these companies steadfastly hold on and do not repatriate their funds without a tax holiday, their shareholders should punish them for only making imaginary money... not that it'll hurt them in a real way.
If the US were to grant this tax holiday, they should've set a 0% (or 5.25% or whatever) corporate tax rate to begin with. At least it'll be fair to everyone.