We all knew Mitt Romney was parking money overseas to avoid U.S. taxes. We also know Apple has billions of dollars socked away in cash, one of the largest corporate fortunes ever amassed. What we now know, too, is that Apple is not being very American, not very patriotic in its civic responsibility as it takes advantage of tax loopholes to save $17 million in taxes (which could otherwise offset the U.S. deficit) per day. Yes, per day. That’s good news for investors who can benefit from Apple dividends. But the money should be going to help our country’s fiscal situation. Apple’s priorities are all screwed up.
This report goes a lot further than “overseas money” simplicity concerning Apple’s billions in the bank. It is the first truly detailed version—based on Apple’s own data—ever revealed. A sad but true story. Read the full article here.