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Apple plans new U.S. campus, to pay $38B in foreign cash taxes

reuters.com

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Re: Apple plans new U.S. campus, to pay $38B in foreign cash taxes

#91

Post by e40 »

rdtsc wrote: post #56
southphillyman wrote: post #45

Earlier quoted context omitted.

To be fair the bonuses I've heard about have been laughable so far and accompanied by large lay offs in two cases (Walmart and Comcast).

> I've heard about have been laughable so far Having been poor, then living on $750/month in US for many years, a $1000 bonus is not life changing but also not laughable. The companies certainly didn't have to give those and could have pocketed all of it. > large lay offs in two cases (Walmart and Comcast). Are those because of the tax incentives?

For me the laughable part is that it's a small part of the benefits corporates will reap and some of the companies are also doing layoffs, as has been commented on by others.

Re: Apple plans new U.S. campus, to pay $38B in foreign cash taxes

#92

Post by nodesocket »

FigmentEngine wrote: post #76
nodesocket wrote: post #58

Earlier quoted context omitted.

Bank of America, AT&T, Comcast, Walmart, Jetblue, Southwest are just a few who announced $1,000 bonuses. Not laughable to middle class Americans. Aren't middle class who liberals fight for? Source: http://money.cnn.com/2018/01/11/news/economy/tax-law-raises-...

https://thinkprogress.org/walmart-fires-thousands-after-bonu...

This is #fakenews. Walmart did not fire employees, Sam's club a separately owned subsidiary did, mainly because the Sam's club business is not doing well and had to make hard decisions. It is widely accepted that Walmart had no idea Sam's club was going to do the round of layoffs when they announced their wage increase and bonuses. Also, thinkprogress really should not be cited as a source of quality unbiased news.

Re: Apple plans new U.S. campus, to pay $38B in foreign cash taxes

#93

Post by adventured »

FigmentEngine wrote: post #73
acali wrote: post #70

Earlier quoted context omitted.

What about Walmart also increasing their hourly pay? [0] [0] - https://www.cnbc.com/2018/01/11/walmart-to-boost-starting-wa...

https://thinkprogress.org/walmart-fires-thousands-after-bonu...

That's intentionally context dropping by Think Progress.

Walmart's Sam's Club business is not doing well in competition with Costco. It hasn't been doing very well for years now. You'll notice the Think Progress article avoids any discussion of the context of the Sam's Club business from which the workers were fired.

Here's the hint: Sam's Club closed 63 locations. Do you think they did that to save money on the workers? They didn't just fire workers at the locations, they closed 63 locations.

Re: Apple plans new U.S. campus, to pay $38B in foreign cash taxes

#94

Post by slavik81 »

magicalist wrote: post #72
downandout wrote: post #36

I find it fascinating that a tax plan proposed by a President reviled throughout the Valley is the one thing that finally convinced Apple to repatriate much of its overseas cash and invest it here in the US. They of course give no credit to him in this press release, but the proof is in the pudding. Of the many heavy handed ideas and efforts made by the previous administration to convince Apple to do this, exactly 0…

> I find it fascinating that a tax plan proposed by a President reviled throughout the Valley is the one thing that finally convinced Apple to repatriate much of its overseas cash and invest it here in the US. Why is that fascinating? It's the tax holiday the tech megacorps have been asking for since the last one in 2004.

One of the better parts of this bill was the switch to a territorial taxation system so we can stop playing chicken with tax holidays. This is not merely a holiday, but is a permanent policy change.

Re: Apple plans new U.S. campus, to pay $38B in foreign cash taxes

#95

Post by hateduser2 »

IBM wrote: post #90
downandout wrote: post #84

Earlier quoted context omitted.

>The repatriation is deemed, i.e no company has a choice in it. Incorrect. There is a repatriation tax holiday that enables them to pay lower rates than normal on repatriated cash. It is designed to encourage repatriation. They are not required to do so.

>Incorrect. There is a repatriation tax holiday designed to encourage repatriation. They are not required to do so. Unfortunately, you're incorrect. https://www.pwc.com/us/en/tax-services/publications/insights...

No u

Re: Apple plans new U.S. campus, to pay $38B in foreign cash taxes

#96

Post by downandout »

IBM wrote: post #90
downandout wrote: post #84

Earlier quoted context omitted.

>The repatriation is deemed, i.e no company has a choice in it. Incorrect. There is a repatriation tax holiday that enables them to pay lower rates than normal on repatriated cash. It is designed to encourage repatriation. They are not required to do so.

>Incorrect. There is a repatriation tax holiday designed to encourage repatriation. They are not required to do so. Unfortunately, you're incorrect. https://www.pwc.com/us/en/tax-services/publications/insights...

Unfortunately, that article is clear as mud and seems to use the word “mandatory” in its headline as editorialized clickbait. In its explanation:

“[The plan] uses the mechanics under subpart F to impose a one-time ‘toll charge’ on the undistributed, non-previously taxed post-1986 foreign E&P of certain US-owned foreign corporations as part of the transition to a new territorial regime. The toll charge is reduced by a deduction computed in a manner that ensures a 15.5-percent effective tax rate on ‘cash’ and an 8-percent effective tax rate to the extent the inclusion exceeds the cash position.”

There is nothing there indicating that people with guns were going to show up with guns and demand that Apple repatriate its cash. Once again, the bill was designed to encourage repatriation.

Re: Apple plans new U.S. campus, to pay $38B in foreign cash taxes

#97

Post by magicalist »

downandout wrote: post #75
magicalist wrote: post #72

Earlier quoted context omitted.

> I find it fascinating that a tax plan proposed by a President reviled throughout the Valley is the one thing that finally convinced Apple to repatriate much of its overseas cash and invest it here in the US. Why is that fascinating? It's the tax holiday the tech megacorps have been asking for since the last one in 2004.

And yet nobody gave it to them until now, which resulted in trillions of dollars that should have been benefitting the US economy sitting unused in places like Ireland.

Let's say I thought I was paying too much in taxes, and now I'll pay less in taxes next year due to this tax cut. No one gave me that tax cut until now!

Nothing about that is "fascinating". You're trying to make a narrative out of "hey, we want this." "OK, here it is."

You'd have more of a point if you were trying to say that all the doomsayers were wrong about the downsides of a tax holiday and here's the proof, but it's a bit early for that.

Re: Apple plans new U.S. campus, to pay $38B in foreign cash taxes

#98

Post by joering2 »

Lesson to self: build empire even if it means not paying taxes and hoarding money offshore. Wait until favorable political winds change that allow easy and cheap transfer from offshore. Come up as a winner to masses, because now I can hire more people. Rinse and repeat.

Re: Apple plans new U.S. campus, to pay $38B in foreign cash taxes

#99

Post by notyourday »

eqmvii wrote: post #88
downandout wrote: post #36

I find it fascinating that a tax plan proposed by a President reviled throughout the Valley is the one thing that finally convinced Apple to repatriate much of its overseas cash and invest it here in the US. They of course give no credit to him in this press release, but the proof is in the pudding. Of the many heavy handed ideas and efforts made by the previous administration to convince Apple to do this, exactly 0…

> a tax plan proposed by a President The corporate tax changes weren't his idea - they have been kicking around Capitol Hill with more or less bipartisan support for years, and it almost happened while Obama was president. The full package of changes wound up being highly politicized and controversial, but the corporate changes were always seen as very likely to pass sooner or later.

They may have been kicked around the Capitol Hill for years but while (D)s had control of the presidency it did not happen. There was a time when (D)s had control of Congress, Senate and Presidency with Obama as a President and it did not happen.

To claim this tax cut is a result of bipartisan legislation is rather odd.

[Edit] It must be really painful to downvote reality.

Re: Apple plans new U.S. campus, to pay $38B in foreign cash taxes

#100

Post by ovao »

pktgen wrote: post #85
nodesocket wrote: post #58

Earlier quoted context omitted.

Bank of America, AT&T, Comcast, Walmart, Jetblue, Southwest are just a few who announced $1,000 bonuses. Not laughable to middle class Americans. Aren't middle class who liberals fight for? Source: http://money.cnn.com/2018/01/11/news/economy/tax-law-raises-...

It's very telling that most of the announcements of benefits to workers purportedly attributable to the tax cuts are in the form of one-time bonuses. The corporate tax cuts are ongoing; the bonuses to workers are one-time. These are nothing more than PR moves. Moreover, the headlines are misleading in some cases; for example, Walmart's touted "$1,000 bonus" was actually $200-$1,000 depending on years of service. Only…

> These are nothing more than PR moves.

They’re certainly good for PR, and perhaps that’s the primary intention, but employees are benefitting from it.

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