Wednesday, August 31, 2016

EU's Hunt For Money Targets US Companies #Apple #Facebook

Individual countries within the EU, such as Ireland, could be adopting a modern version of the old American Revolution slogan "no taxation without representation." Taxation without representation is anti-democratic and bad for business and future investment. The more the EU unilateral decides taxation and target international companies and countries without appropriate representation, the less they spend and investment.  That is, the more they hoard and hide their money.

Tim Cook wrote it best,

"The European Commission has launched an effort to rewrite Apple's history in Europe, ignore Ireland's tax laws and upend the international tax system in the process."

The majority of the world recognizes that unilateral decisions without representation are bad for international business, investment, and specifically Ireland. The hunt for money by desperate governments suggest those in charge do not care. This mindset of what's yours is actually mine means the coming crisis will escalate very quickly when the European economy enters liquidation in 2017. This is a big deal but don't expect the media to pick up on it.

Headline: EU hits Apple with $14.6 billion tax bill

Ireland must recover up to 13 billion euros ($14.6 billion) in unpaid taxes from Apple, European officials said on Tuesday. The tax ruling is the biggest the European Union has ever made regarding a single company, and it could spark a huge transatlantic row over how Europe treats U.S. companies. Apple shares initially fell almost 3%, but then recovered most of their losses. The company will appeal the decision. It said the ruling upended the international tax system and would damage jobs and investment in Europe.



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