Politico reports on Senate allegations that Apple exploits loopholes to avoid paying US Income Taxes. Lawmakers openly admit that Apple hasn’t broken any laws, but claim that the company is ducking its fair share of taxes.
The article states that Apple paid $2.4 billion in Federal income taxes. The company also paid $2.5 billion in dividends, most of which is taxable to the stockholders receiving them. This is not to mention the windfall of taxes earned by the Federal government on capital gains from the astronomical rise in Apple stock, taxes and fees on iPhones, and sales tax on Apple products.
Should Apple skip the loopholes and pay higher taxes as a public service? Or is Apple’s careful tax planning a reasonable way to protect shareholder value?