Posted on 08/24/2017 2:19:27 PM PDT by TigerClaws
If not for the onerous tax policies in the US, Apple wold not feel a need to shelter their $ off-shore (aka - Ireland, isn’t it?). They are not alone in this practice. And this represents why there has been talk of a tax “grace period” and change that would make it more appealing for Apple and other major players to keep their $ here in the US (thus bringing in major tax revenues for the US, states, and even local municipalities. Congress just needs to quit robbing corporations and instead help them keep their $ here where they are more likely to contribute to the economy.
Yep - many cities are following that pattern - and it is causing a rebirth of areas long infected with urban blight - Last year when I was up in the Detroit area, I saw entire neighborhoods doing exactly what you describe - same neighborhoods 5 years ago were falling apart, nearly-abandoned, houses falling in and falling apart. Truly ugly and dangerous place. Now - the historic houses that could be saved have been bought by the private sector, many restored to their old glory - quite beautiful. The houses are sold to people at an insanely low price with the stipulation that they are restored within a certain time frame and to certain standards. I believe there are tax discounts involved as well. A renaissance is happening - and it helps the local economy through construction/remodel employment, sales taxes, reduces crime, increases property tax receipts, and has improved large neighborhoods once considered a wasteland.
Worth far more than the initial “costs” to the city.
Absolutely. Didn't know Detroit is being saved by some, a lot of history there to be preserved. Regarding my daughter and son-in-law in Des Moines, the old historic neighborhood was blighted and many homes abandoned. City offered redevelopment incentives in the form of forgiveness of property taxes for ten years. They bought a former mansion (which was converted to an apartment building around WWII) for the low price of $80,000. It was a wreck inside but salvageable. They have to preserve the outside historic look, but have remodeled the interior with a mix of vintage and modern stuff. Good deal for someone willing to put sweat equity in, and a good deal for the city as the neighborhood is restored to vintage glory. They gutted the seven apartments inside leaving the exterior shell, making for a nice 3-story home with lots of land. Every block in the area has multiple remodeling projects happening. I love their new home, built during a glory period over a century past. Daughter and son-in-law always liked vintage stuff from bygone eras.
International tax law requires that income tax is paid in a companies home nation. Apple is the US. And that is where they paid the income taxon the money held off-shore! It has been reported and taxed.
The tax is paid to foreign nations and the tax paid to a foreign nations is a CREDIT on US tax. Double taxation is not allowed. Same issue on income earned in other states. So yes and no that tax is paid here in the US and your home state. It is taxed in your home state but the other state got the money (because it was earned there) .............................
And there are a lot more details than this.
Apple will purchase 2,000 acres
There’s a lot of corn being grown here in Connecticut. I’m hitting the farm stands around here every weekend.
There’s a lot of corn being grown here in Connecticut. I’m hitting the farm stands around here every weekend.
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