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VIDEO: Offshore Profit Sharing
Reagonomics and unfettered speculative capitalism are ideas whose time has long passed but still hold sway and make a mess of everything. Apple shifted 64% of profits ($78 billion over four years) to entities (AOI and AOS) in Ireland with no employees and no activities. Corporations avoiding paying taxes is a destructive business model. Should we close unjustified loopholes?
Senate Subcommittee on Offshore Profit Sharing, chairman Sen Carl Levin, May 21, 2013.
The revenue crisis and the war spending crisis are products of tax evasion, tax havens, cooked intelligence and myths of self-correcting markets, corporate beneficence, beneficial inequality and trickle-down prosperity.
Panel 1, 2 hr 3 min
Panel 2. 1 hr 35 min
Panel 3, 52 min
Offshore Profit Sharing
Senate Committee Homeland Security & Governmental Affairs | Investigations
Legal experts testified on the findings of a Senate Homeland Security and Governmental Affairs Subcommittee on Investigations report that showed how subsidiary Apple companies in Ireland allowed the corporation to avoid paying U.S. taxes on some of its profits.