by David Levenstein, Gold Silver Worlds:
In one of the most audacious hearings I have seen, Apple CEO Tim Cook, was summoned to Congress last week to explain why his company has not paid any corporate income tax to any national government on more than $74 billion in overseas earnings. While most regulators don’t even understand how real money works, what is important to understand is that what Apple’s doing is nothing new or unique, and it is perfectly legal.
By using an Irish incorporated corporation, Apple has been able to channel dividends and earnings from offshore investments in such a way as to not incur tax liabilities…in any country. Frankly, this is a perfect illustration of financial ingenuity that I have often recommended to wealthy individuals as a way to protect their assets and minimise their tax burden.
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