(January 17, 2018 at 6:39 pm)alpha male Wrote:(January 17, 2018 at 6:27 pm)BrianSoddingBoru4 Wrote: I'm no expert on US tax law, but aren't corporations supposed to be taxed at 21%? $38 billion out of $350 billion is less than 11%.
It's 35% through 12.31.17, 21% beginning 1.1.18.
But, by keeping profits out of the country, US corps have been able to avoid taxation. Part of the TCJA is that corps will be taxed one time on their foreign profits, at a reduced rate and payable over 8 years. This will result in big tax collections and investment in US business. People calling the act corporate welfare just don't really understand the point.
Ok, so Apple is going to pay this $38 billion over eight years. That works out to a little less than 5 billion per year, or (very roughly) $14.00 for every person living in the US.
Don't spend it all in one place.
Boru
‘I can’t be having with this.’ - Esmeralda Weatherwax
