Apple avoids taxes with 29.66 percent profit margin, Oil companies pay high taxes on small profit margin, Obama and left demonize oil companies
“But in among all this terrible poverty there were just a few great big beautiful houses that were lived in by rich men who had as many as thirty servants to look after them. These rich men were called capitalists. They were fat, ugly men with wicked faces, like the one in the picture on the opposite page. You can see that he is dressed in a long black coat which was called a frock coat, and a queer, shiny hat shaped like a stovepipe, which was called a top hat. This was the uniform of the capitalists, and no one else was allowed to wear it. The capitalists owned everything in the world, and everyone else was their slave. They owned all the land, all the houses, all the factories, and all the money. If anyone disobeyed them they could throw them into prison, or they could take his job away and starve him to death. When any ordinary person spoke to a capitalist he had to cringe and bow to him, and take off his cap and address him as ‘Sir’.” …George Orwell, “1984″
“And if all others accepted the lie which the Party imposed
–if all records told the same tale–then the lie passed into
history and became truth. “Who controls the past,” ran the
Party slogan, “controls the future: who controls the present
controls the past.”…George Orwell, “1984″
Obama and the left continue to demonize oil companies, foster class warfare with lies of taxing the rich and destroy the US economy with their socialist anti business agenda.
From Citizen Wells April 3, 2012.
“Obama Says Oil Profits Justify Ending U.S. Tax Breaks”
“President Barack Obama said oil company profits justify abolishing $4 billion in annual oil and natural gas subsidies and shifting those savings to research on clean-energy fuels.”
“Senate Republican Leader Mitch McConnell of Kentucky, in an e-mailed statement, said Obama’s proposal is a political gambit in an election year and called the plan a “tax hike on American energy manufacturers” that he’d oppose.
Brendan Buck, a spokesman for House Republican Speaker John Boehner, said today in an e-mail that the president is giving a speech “with gas prices at $3.92 per gallon, calling for policy that would make gas more expensive and increase foreign dependence on oil. You wouldn’t believe it, right? Yet this is happening.”
“And how big are the oil company profits?
Net profit margins:
Oil & Gas Refining & Marketing 3.00 %
Oil & Gas Pipelines 6.00 %
Compare these profit margins to other industries.
“Companies (corporations, LLC’s, partnerships, sole proprietors) do not paytaxes!
Consumers pay for the tax increases.
Taxes are part of the cost of doing business.
A tax increase to a company results in some combination of the following:
Product and service price increases.
Employee and hours cutbacks.
Has Obama and the left been questioning Apple?
Apple’s profit margin is 29.66 percent with net profits of $24.7 billion on revenues of $85.5 billion in the first half of the fiscal year.
Is Apple paying it’s fair share of taxes?
From the NY Times April 28, 2012.
“How Apple Sidesteps Billions in Taxes”
“Apple, the world’s most profitable technology company, doesn’t design iPhones here. It doesn’t run AppleCare customer service from this city. And it doesn’t manufacture MacBooks or iPads anywhere nearby.
Yet, with a handful of employees in a small office here in Reno, Apple has done something central to its corporate strategy: it has avoided millions of dollars in taxes in California and 20 other states.
Apple’s headquarters are in Cupertino, Calif. By putting an office in Reno, just 200 miles away, to collect and invest the company’s profits, Apple sidesteps state income taxes on some of those gains.
California’s corporate tax rate is 8.84 percent. Nevada’s? Zero.
Setting up an office in Reno is just one of many legal methods Apple uses to reduce its worldwide tax bill by billions of dollars each year. As it has in Nevada, Apple has created subsidiaries in low-tax places like Ireland, the Netherlands, Luxembourg and the British Virgin Islands — some little more than a letterbox or an anonymous office — that help cut the taxes it pays around the world.”
“Without such tactics, Apple’s federal tax bill in the United States most likely would have been $2.4 billion higher last year, according to a recent study by a former Treasury Department economist, Martin A. Sullivan. As it stands, the company paid cash taxes of $3.3 billion around the world on its reported profits of $34.2 billion last year, a tax rate of 9.8 percent. (Apple does not disclose what portion of those payments was in the United States, or what portion is assigned to previous or future years.)
By comparison, Wal-Mart last year paid worldwide cash taxes of $5.9 billion on its booked profits of $24.4 billion, a tax rate of 24 percent, which is about average for non-tech companies.”
“Such lost revenue is one reason California now faces a budget crisis, with a shortfall of more than $9.2 billion in the coming fiscal year alone. The state has cut some health care programs, significantly raised tuition at state universities, cut services to the disabled and proposed a $4.8 billion reduction in spending on kindergarten and other grades.”
“Indeed, Apple’s decisions have yielded benefits. After announcing one of the best quarters in its history last week, the company said it had net profits of $24.7 billion on revenues of $85.5 billion in the first half of the fiscal year, and more than $110 billion in the bank, according to company filings.”