Who is this guy Levin?Submitted by oceanoz on Thu, 05/23/2013 - 02:22
Good Grief...!!! Ok, Ok, I don't know all the guys in Congress and the Senate, but darn....
I listened to the CSPAN Senate Homeland Security Committee: Off-Shore Profit Sharing hearing which used Apple Corporation as an example today.
It took McCain 2 hours to finally understand and agree paying 35% on corporate taxes in the US are too high and not competitive with the rest of the world. I laughed so hard when Rand Paul pulled the curtain aside and bluntly stated everybody looks for deductions for their taxes and explained why.
That guy Levin was seeing stars after Rand spoke and acted so..so...er... well, he was pissed off. And then, for reasons I don't understand, McCain started brown-nosing Levin. I caught myself making kissing noises.
This took place in the first hearing...there were 3 hearings all together. The first was 2 university tax guys, the second was Apple Corporation, and the third was 2 more tax guys.
But this Levin guy....Holy Cow...!!! He definitely doesn't understand how to run an international business. He seems to have his mind made up that all big big companies like Apple are hiding monies he can't find. It just stuck in his craw that 3 Apple guys made a business decision about their private corporation and the US didn't have any say so in the matter. It was just surreal.
The Apple guys explained when their company was only 5 years old, Ireland was recruiting tech companies and they were looking to find a way to start selling their wares in Europe. That was back in the 1980's. It was a no brainer for Apple, low tax and a foot in the Euro Market.
Thirty years later, their Ipod and Ipad took off like wild fire in the Euro Market and they were generating more monies there than here in the US. It was like 30%US and 60%EU.
This guy Levin just could not understand why Apple kept their Euro monies in Europe. Apple had already paid all required taxes in all the different countries making and selling their wares, plus paying 2% tax to Ireland with their central Euro financial and investment holding company.
Levin believes Apple should bring those monies to the US so the US can tax the company 35%, instead of staying in Ireland taxed at 2%. The monies were made in Europe and taxed in Europe, so what company in their right mind would want to be taxed again...and at 35%???
At one point, Levin actually said it was not fair....!!!! I had to slap my hand to my forehead when he said that.
Everything Apple has been doing tax wise is legal, and they employ over 50,000 people [FIFTY THOUSAND!] in the United States and 20,000 overseas. A company that actually "supplies" jobs in the US and not just political lip-service.
My observations can't do justice to the 3 hearings, you'll have to watch/listen yourself to understand how the whole story played out.