Statement of the FACT Coalition on the E.U.’s Apple Ruling
WASHINGTON, D.C. – The European Commission today announced that Apple would have to re-pay Ireland roughly $14.5 billion in illegal tax breaks, after a three-year investigation discovered that the tech giant escaped with paying about 0.05% in taxes—compared to the official Irish rate of 12%.
Clark Gascoigne, the deputy director of the FACT Coalition, issued the following statement:
American taxpayers lose more than any other country to abusive tax dodging by multinational companies—upwards of $130 billion in 2015. Beyond draining much needed revenue from the public, this rigs the playing field against small- and medium-sized business who can’t afford the high-priced lawyers and accountants that Apple can.
The largest companies like Apple already have a competitive advantage over smaller businesses—they have nearly unlimited access to capital and can buy in bulk, reducing their operating costs.
While small and medium sized businesses in this country pay the full rate of 35%, we shouldn’t further tilt the playing field against them by letting multinationals like Apple get away with paying less than a tenth of one percent in tax.
Europe understands this—they’re forcing Apple to pay the proper taxes due on their Irish-booked profits. Instead of lobbying against competition and innovation, Congress and the Treasury Department should be following Europe’s lead and working to level the playing field for American businesses.
- Click here to read a blog analyzing the implications of the Apple tax ruling by FACT’s Clark Gascoigne.
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