Milton Friedman had stated during one of his lectures that companies and corporations don’t pat taxes. He said the taxes paid over to government is borne by the consumer of said company’s products.
Because of economic illiteracy, the common man on the street does not understand that economic principle. The company must bill the consumer enough to pay whatever the government demands of it. APPLE is the largest taxpayer in the United States, but the Federal Government says it’s not enough and they must pay over more!
Apple, the most highly valued technology company and the creator of wonderful products that millions enjoy and use to enhance their productivity, has been accused of not paying enough taxes at a congressional hearing where CEO Tim Cook was grilled yesterday. (See the story here). More specifically, Apple was accused of avoiding $9 billion or more in U.S. taxes by using tax shelters in Ireland.
Never mind that Apple is one of the largest tax payers in the United States, having paid $6 billion last year alone—the government wants it to pay more, apparently because its representatives think no company has the right to the wealth it creates. According to the above Bloomberg.com article, Senator Carl Levin (Dem), the chair of the Senate Permanent Subcommittee on Investigations that conducted the hearing, said: “Apple’s a good company but no company, no company should be able to determine how much it’s…
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