Despite the levels of tax evasion done by Apple to America, Apple is far worse in its taxes overseas. Apple not only hurts the US but also other countries like the UK, France, and Germany. In fact, according to a study done by the Huffington Post, Apple paid absolutely no corporate taxes in 2012 in the UK.” Despite making millions in profit in Britain, Apple paid no corporate taxes to the U.K. last year, according to company filings” (Huffington Post)
The second way corporations evade paying taxes is using a loophole called the Double Irish arrangement. The Double Irish arrangement is somewhat similar to what Apple does. However, instead of transferring funds from one country center to another, companies just set up their headquarters in Ireland. …show more content…
Although it took over a decade, the persistence of countries like the US and the UK, Eventually got Ireland to eradicate the Double Irish arrangement. World powers like the US, UK, France, and Germany need to start taking the issue of tax avoidance more seriously. Corporate tax evasion is stealing trillions of dollars from the world economy and putting it in a bank somewhere. Global trade is meant to strengthen all countries by allowing money to be more freely flowing. However, allowing corporations to steal and stash money is hurting everyone as a …show more content…
Despite the fact that corporations ultimately decide whether not to evade taxes, countries ultimately are the ones that allow corporations to store untaxed money in their country.
There are a variety of choices when it comes to tax free offshore accounts, however the most popular are Bermuda, Ireland, Cayman Islands, Netherlands, Luxembourg, and Switzerland. These countries together account for 2.1 Trillion dollars stored overseas (Kutsch).
Tax havens ironically first started in the late 19th century in New Jersey. (Hebous) New Jersey established the first tax haven in order to attract firms and business. Unlike now however, to take advantage of the tax haven, your company/corporation would have to be based in New
The second way corporations evade paying taxes is using a loophole called the Double Irish arrangement. The Double Irish arrangement is somewhat similar to what Apple does. However, instead of transferring funds from one country center to another, companies just set up their headquarters in Ireland. …show more content…
Although it took over a decade, the persistence of countries like the US and the UK, Eventually got Ireland to eradicate the Double Irish arrangement. World powers like the US, UK, France, and Germany need to start taking the issue of tax avoidance more seriously. Corporate tax evasion is stealing trillions of dollars from the world economy and putting it in a bank somewhere. Global trade is meant to strengthen all countries by allowing money to be more freely flowing. However, allowing corporations to steal and stash money is hurting everyone as a …show more content…
Despite the fact that corporations ultimately decide whether not to evade taxes, countries ultimately are the ones that allow corporations to store untaxed money in their country.
There are a variety of choices when it comes to tax free offshore accounts, however the most popular are Bermuda, Ireland, Cayman Islands, Netherlands, Luxembourg, and Switzerland. These countries together account for 2.1 Trillion dollars stored overseas (Kutsch).
Tax havens ironically first started in the late 19th century in New Jersey. (Hebous) New Jersey established the first tax haven in order to attract firms and business. Unlike now however, to take advantage of the tax haven, your company/corporation would have to be based in New