Courtesy of Mish.
Rand Paul created quite a stir in Congress when he Tweeted ‘The Senate should apologize to Apple’.
- @SenRandPaul: Instead of examining our broken tax system, the US Senate is about to harass Apple-one of the greatest business success stories in history.
- @SenRandPaul: I am offended by a $4 trillion government bullying, berating and badgering one of America’s greatest success stories.
- @SenRandPaul: To US Senate: I say, instead of Apple executives, you should have brought in a giant mirror if you want to see who is responsible.
- @SenRandPaul: Instead of doing the right thing we drag businessmen and women in here to berate them for trying to maximize their profits for shareholders.
- @SenRandPaul: Apple has done more to enrich people’s lives than politicians will ever do.
- @SenRandPaul: To the Apple executives here, I apologize for this theater of the absurd.
- @SenRandPaul: If you want to chase companies like Apple away, continue to vilify them. Congress should be giving Apple an award today.
- @SenRandPaul: It’s absurd for Congress to vilify businesses like Apple for wanting to minimize their tax code just like every other American rightly does.
- @SenRandPaul: The Senate hauled before a committee one of America’s greatest success stories—and wanted what? Applause?
Why did Paul Tweet Those Things?
Because the Senator Carl Levin (D-Mich.) ripped Apple’s ‘Holy Grail’ Of Tax Avoidance ahead of congressional testimony.
It’s absurd that Apple CEO Tim Cook Should be in Congress in the first place.
Did Apple break any laws? Of course not. Is Apple responsible to absurd tax code or is Congress? The answer of course is Congress. So yes, Rand Paul is correct for forcing Cook to testify.
What About GE?
Tax law is so absurd that GE paid no corporate income tax in 2010. GE also paid no corporate income taxes in 2009.
For doing precisely the same thing, Cook had to appear before a senate subcommittee.
GE’s response “GE pays what it owes under the law and is scrupulous about its compliance with tax obligations in all jurisdictions.”
Mish says please note that the CEO of GE, Jeffrey Immelt, advises president Obama on business.
Holy Grail of Tax Avoidance…
