Apple offshores billions in 2016 to avoid US taxes

This past year, Apple funneled $29 billion into offshore accounts to avoid paying US taxes, bringing its total offshore stockpile to $216 billion, an amount “unmatched by any other US company,” according to Matthew Gardner, executive director of the Institute on Taxation and Economic Policy. Apple paid the foreign tax rate of only 4 percent on that $216 billion, meaning the US lost a total $67 billion in tax revenue from Apple’s offshored financial manipulation.

“Congress certainly has both the motive and the means to require Apple to pay its taxes,” Gardner writes. “It could require Apple (and other companies shifting their intangible profits from the U.S. to foreign tax havens, for that matter) to pay their fair share by ending deferral of tax on offshore profits. This would give an immediate shot in the arm to U.S. tax collections, and it would help counteract the corrosive public fear that tax rules are written for and by powerful corporate interests.”

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Like the iPhone 7, Apple's Tax Avoidance Scheme Remained About the Same in 2016 as Well (TaxJusticeBlog.com, Nov. 1, 2016)