3 votes

Who is this guy Levin?

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.

Panel 1: http://www.c-spanvideo.org/program/Holding
Panel 2: http://www.c-spanvideo.org/program/ShoreP
Panel 3: http://www.c-spanvideo.org/program/ShorePr




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deacon's picture

who is levin?

his office received more phone calls in history,saying no to the bailouts,he voted for them anyways,the auto makers
gave him a gift of $438,304 for his efforts
on a side note
what did GM do with their share of tarp?
they built a $300 million plant in russia,and gave their employees
a big bonus
deacon

setting your expectations to high,can cause depressiuon

Well my friend

You could email Leven, demanding he forthwith pay his taxes without delay in OceanOzonea, at 35% of his net income on everyhtnig that is remitted to him, including the payment upon all that he has ever earned in his lifetime.
Explain that OceanOzonea is an " all inclusive " nation, and by right of her existence all earnings ever earned as hers by right to tax and collect. And that the fact that he was not previously aware of this fact does not exonerate nor forgive him, he must pay or cease to do business anywhere. And be sure to conclude that should he seek to flee responsibilities, all his assets shall be frozen in perpetuity , or untill such time he gives up in frustration and poverty and declares bankruptcy at which time his wealth then becomes part of the state assets of OceanOzonea.
The only other choice presented Leven, I just can't call him honorable or Mr. for some reason, is to flee to the well known safe haven of France.

God Bless
Stēkō

Drew, by the very grace of GOD through the blood of Christ Jesus.
"there shall come after us men whom shall garner great wealth using our system, and having done so shall seek to slam the door of prosperity behind them." George Washington