Congress is busy once again doing the two-step. Step one is to publicly vilify successful corporations for not paying enough taxes by exercising the very tax loopholes instituted by Congress. Step two is to laugh all the way to the bank with their crony-corporatism policies that make their fortunes while pretending to have the people’s back.
Apple is the latest target and Sen. Rand Paul is calling out these hypocrites – http://tech.fortune.cnn.com/2013/05/21/apple-rand-paul-twitter/.
“I’m offended by the tone of these hearings,” he said, with some heat. “Tell me what Apple has done that’s illegal. If anyone should be on trial here it’s Congress. The Senate should apologize to Apple.”
Spellchek posted this a couple years back when G.E. was in the crosshairs – https://spellchek.wordpress.com/2011/03/26/g-e-pays-no-corporate-income-taxes-in-2010-are-you-mad/.
You can be mad at G.E. for exploiting the system and retaining as much of their profits as they can. You would be better served to direct your anger at the taxation policies of our government.
Corporations have a fiduciary responsibility to MAXIMIZE profits for their shareholders. It is their obligation and duty. Any of this rhetoric we hear concerning a corporation having any type of moral obligation toward creating jobs or reducing profits as some sort of consumer benefit is just garbage. A company is in business for one reason and one reason only. To maximize profits and realize as great a return on their investor’s investment as possible. Period.
Getting mad at Apple or G.E. is simple ignorance to the facts. Congress makes their own bed and must lie in it.