Curiously, New York Times had a very interesting story about:"How Apple Sidesteps Billions in Taxes":
This story comes with a great illustrative graphics, called "Double Irish With a Dutch Sandwich"
Definitely worth taking a look!
I don't begrudge any company profits. Companies are in business to make money. If they don't they go out of business and any tax revenues they had generated go away too.
However, I do believe in being good corporate (and private) citizens. Taking reasonable steps to reduce taxes is something everyone does and is fine, but to go to such lengths; twisting loopholes and such (Apple is far from the only company doing this) equates to not paying your fair share.
If companies are squeezing salaries, off shoring jobs and sheltering profits, then they are not creating the wealth that they often use as an excuse to push loopholes to such extremes.
"Taking reasonable steps to reduce taxes is something everyone does and is fine, but to go to such lengths; twisting loopholes and such equates to not paying your fair share."
Pray tell, could you define for us what going to "such lengths" is? And while at that, could you also define what one's "fair share" is?
@Junko: nice expose'! I like Mr. Clemmer's openness but I seriously doubt if he would do well as a politician... or for that matter, an Ethics Professor! How long can any corporation continue along these lines? Are they all working toward an end goal of uber profitability?
N X P = Netherlands eX-Patriot ?
1/3 employees in China sounds a bit high, but most chip companies these days have large eyes on China as a market.
Always be wary of anyone comparing themselves to Intel. You know they're not "like Intel".
Thanks for letting us know, Mr. Clemmer. Now I'll lump NXP in along with all the other PLA companies I won't do business with. Don't want any products with Tibetan blood on them.
That goes for Apple too. Once the rebel brand, it now represents the very totalitarian regime it once decried. Fool me once...can't be fooled again!
We are fooling our selves. The very profits these corporations are gathering are not going into hiring (at least not here). CNBC reports that corporations are planning to raise dividends or make acquisitions (mergers). We all know what happens after mergers -- L__offs. The rich just keep sticking it to the American Middle Class.
Look at Greece to see what America will be in a few years: http://www.bbc.co.uk/news/world-europe-17898561