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let i sell apple was on the hill all yesterday uh... tim cook and uh... we
played you the clip of uh... rand paul who was so
and
by the idea that it's successful company
could be questioned as to
than just their their tax process and we all know how big the government is some
of these bills are just over a hundreds of pages
uh... and
who says that this was that terribly offensive tour and paul
uh... this story in which uh... in uh... we cover this uh... slightly i believe
in the better happier three but i want to uh...
the explicit about what
apple
was doing
heat me
icm differing reports but up to seventy four billion dollars
was
and i don't even know if you can actually see this repatriated
but opt to seventy four billion dollars over the course of a three-year pureed
uh... was made by apple and they paid zero dollars in taxes on it
all perfectly legal
under a tax system that
has been shot full a whole s
by corporate lobbyists and by
the overarching sense that taxes are some type of burden as opposed to
simply
the jews
that one pays to be a part of society
a senate per minute subcommittee on investigations basically outlined
how happily managed
to avoid paying taxes han
case you should
dollar figure which a represented about sixty one percent of apples total
revenue
are just last year
and apparently what apple did
his they set up a a happily operations international aid is registered in cork
ireland
but has no physical presence
at that or any other address
according to the report
the entity has existed for thirty years and has never had any single employees
there are three people on its board all apple employees to live in california
thirty-two of thirty three board meetings took place in comfort team in
the loop
and the irish director participated in seven avid it's acids are managed by
nevada company
and held in bank accounts in new york
because it is not managed and controlled in ireland
ireland does not
tax its earnings
because the company is not registered in the united states she does know american
taxes
the affiliate received
over thirty billion dollars in dividend income
so according to the report according to apple
aao highs is apple operating operations internationals
net may income is made up of thirty percent of apples told why uh... were
total world wide net profits
from twenty oh nine to twenty eleven get apple also disclosed that it did not pay
any corporate tax income
national government
parent lee
what apple also does
is they whole
old a large chunk of its intellectual property
in low-tax irish affiliates as well so there are subject to a very small irish
tax they're on their intellectual property
and that is essentially how they assemble and design
their products
just the idea of it
and of course they get all their products from all across the world
and the profits of four there
construction of the sample computers
is run through those affiliates
where the i_p_ is uh... register
this is all perfectly legal
but it also shows d_s_p_
just how problematic our tax code is and of course tim cook was on the hill
yesterday saying well you know luck
i'm not going to give you any taxes from these profits
uh... unless you are lower the tax rate in this country
and in that case were still going to uh... keep his head of the uh... profits
offshore
uh... still hide them from you but at least uh... some of our other affiliates
the rest of the income that we get
will be taxed at a lower rate
you