The bureaucrats in the EU ruled that Ireland cut an improper tax deal with Apple, back in 1991. As a result, they’re punishing Apple for it and retroactively fining them $14.5b dollars. This is an unprecedented rule that not only affects Apple, but the entire oligarchy of US multi-nationals. This, of course, is unacceptable.
Professor Grinberg weighs in and clarifies the topic for those of you sucking on watermelons at home.
The cure for all of this chicanery is repatriation. Lower the tax rate from 40% to 10% and permit US oligarchs to bring back $2.1 trillion in cash held overseas, so that they could partake in share buybacks and other types of horseshit.
More on this topic from CNBC.
If you enjoy the content at iBankCoin, please follow us on Twitter
So the EU declares that Ireland fucked up in how they taxed Apple 25 years ago and therefore Apple must now pay $14.7 billion to the EU. Happy to see that all of the kinks have been worked out in international law.
WOW this is really moving toward the end game. Facking bureaucrats, unelected no less, changing the rules of the game retro. Makes better argument for exit.
Just shows how desperate the sovereigns are getting for cash to finance their stupidity.