Concerns over Apple's elaborate efforts to reduce its tax bill are nothing new. The company — which hit a historic $1 trillion valuation this month— was punished in 2016 for a tax deal in Ireland, which the EU said amounted to illegal state aid.But a newly discovered tactic has reignited the debate about the company's tax contributions. The San Francisco Chronicle reported over the weekend that Apple was "aggressive in opposing tax assessors," the public officials who determine the value of property for tax reasons.
Apple may be the biggest taxpayer in Santa Clara County, where its Cupertino headquarters is based, but The Chronicle said it had 489 open tax appeals in the area, disputing $8.5 billion (£6.7 billion) in property value.
In a 2015 appeal, Apple claimed that a "cluster of properties" around Apple Park was worth $200, rather than the $1 billion figure alighted on by Santa Clara County's tax assessor. In another, Apple said a property valued at $384 million by local officials was also worth $200, The Chronicle said."These are major cases, and publicly, they kind of go under the radar screen," Santa Clara County assessor Larry Stone said. Companies are prepared to spend millions of dollars on lawyers to appeal tax rulings, he added, "but there's millions at stake."
Business Insider has contacted Apple for comment. The company declined to comment when approached by The Chronicle.
Apple CEO Tim Cook has said the firm pays its taxes properly. "In every country where we operate, Apple follows the law and we pay all the taxes we owe," Cook said in an open letter in 2016.
https://www.businessinsider.com/apple-trying-to-reduce-cupertino-tax-bill-2018-8 ....
This might sound ridiculous but sometimes large corporations get away with things like this.
It can be cheaper and more affordable for large corporations to lobby politicians to provide tax cuts, than it is to pay taxes.
Should apple have to pay taxes on the full worth of its headquarter buildings? Or does it deserve to pay taxes on only $200 dollars worth of real estate on apple employing individuals and creating new jobs out of its apple stores?
Also should bitcoin miners also receive tax cuts as they provide a real benefit to society in keeping bitcoin running so people have money to use after fiat currency is done being overprinted into hyperinflation?
There could be a paradigm here whereby large players in the economy receive more tax cuts and breaks than small players. How to we shift the paradigm in a way which favors smaller players and incentivizes a tax system that is more fair and equal for all?
