Friday, September 2, 2016

Tax Decision Against #Apple Could Spark A Migration From Europe

News
In an Irish interview, Cook commented that Apple could return billions of dollar to the US in response to the EU's demand for additional taxes. While Ireland struck a tax deal with Apple to locate in Ireland, it's membership in th EU exposes it unilateral decisions from Brussels. Brussels made it clear it's not fair for individual members to negotiate 'favorable' tax deals. This communistic mindset, similar to saying that Texas cannot negotiate lower taxes for the benefit of its population over, say, New York, ignores capitalistic realities such as competitive advantage of one labor force over another.

The more EU, specially Brussels, attempts to remove self-interests and free will from capitalism, the more moeny will flee Europe. Or as Cook put it, Apple could move billions back to the US to avoid "total political crap."  This should worry the European labor force.

Headline: Tim Cook: Apple could move billions back to U.S. next year

Apple may finally be bringing some of its enormous offshore cash pile back home. Just days after the EU hit Apple with a $14.6 billion tax bill, CEO Tim Cook said he expects to transfer billions of dollars in profit to the United States next year. "We provisioned several billion dollars for the U.S. for payment for as soon as we repatriate it, and right now I would forecast that repatriation to occur next year," Cook said in an interview with Irish broadcaster RTE news.


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