Wed August 30 2016
The European Union has told Ireland to collect a $14.5 Billion tax from Apple. Apple located a unit in Cork, Ireland to manage international sales. And of course to escape the highest corporate tax in the world the US rate of 35%. Read the front page story here.
Here is a comment on why Britain voted to leave the dictatorial EU.
And here is the WSJ editorial take on the matter.
There is entirely too much of this progressive, you have more money than you need, we the government know better how to spend it even though we did not and could not earn it ourselves.
If Apple pays no doubt every dubious government will find a reason to impose additional taxes until Apple's cash hoard disappears. The better idea would be for the US to allow a one time 10% tax on money brought back to the US. No stock buy backs should be allowed, the money needs to go for R & D. But don't expect this Administration to be that practical.