Why Go After Apple?
from The Gray Area:
9/5/16:The European Union is on a money grab. They are going after Apple for $14.5B in back taxes, actually re-writing Ireland's tax code to do so. In addition to Apple, Ireland doesn't even like this and is fighting the ruling. Here is all you need to know about this ruling:
- The EU is losing $20B a year after the Brexit vote in Great Britain.
- Therefore the EU is desperate for revenue to replace this loss and to continue to shore up its insolvent member countries
- Many US companies have parked trillions in European countries in an effort to avoid oppressive US corporate tax policies
- The US, depending on the next President/Congress wants to bring this money home (either for more tax revenues or to stimulate the economy meaning more tax revenues from growth)
- An opportunity exists for the EU to get a piece of this money before the US does if it acts quickly.
- Whether successful or not in this specific effort, other companies will hear the message and prepare to pay higher European taxes of some sort.