Apple Not Ready to Bring Foreign Income Back to U.S. Anytime Soon

Apple Gives in to UK Demands, Agrees to Pay Huge Tax Bill

Apple Not Ready to Bring Foreign Income Back to U.S. Anytime Soon

Despite all the wonderful products and groundbreaking technologies Apple has been responsible for over the years, the tech giant is certainly no stranger to criticism. That criticism comes in many forms, including from competitors and those who prefer competitors’ products. There are also some that criticize Apple for some of the company’s business practice, including the practice of sheltering money overseas.

Many of the country’s largest companies use this practice to save on taxes. The money they earn on foreign soil stays on foreign soil because the consequences of bringing it to the states would be a very hefty tax bill. However this practice makes good business sense, considering that the U.S. corporate tax rate currently sits at 35 percent, which is one of the highest rates in the world.

While this is a perfectly legal practice, some critics claim that what Apple and other businesses are doing is unpatriotic. However, Apple’s CEO Tim Cook says it has nothing to do with being patriotic. “It is the current tax law. It’s not a matter of being patriotic or not patriotic,” Cook said in a recent interview. “It doesn’t go that the more you pay, the more patriotic you are.”

Cook said Apple would be happy to bring money earned on foreign soil back to the U.S., but not until lawmakers come up with a fair rate, which he hopes they will do sooner rather than later.

http://www.cnbc.com/2016/08/14/tim-cook-addresses-apples-us-taxes-says-no-repatriation-without-fair-rate.html

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Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

 

 

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The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

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In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

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