Apple is under scrutiny by Congress for being able to keep billions of dollars in profits in Irish subsidiaries to pay little or no taxes to any government. Is it any surprise that US companies would rather keep their foreign earnings overseas than repatriate them at the second highest corporate tax rate in the world?
One gem of all this is Senator Rand Paul (R. KY) blasting his colleagues about bringing Apple executives before a Senate subcommittee. Here are some of the highlights:
- “…congress should be on trial for chasing the profits of great American companies overseas”
- “…instead of Apple executives, we should have brought in here today a GIANT MIRROR… because this problem is solely and completely created by the awful tax code.”
- “Money goes where it’s welcome. Currently our tax code makes money not welcome in this Country.”