November 20, 2019

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IFL TO SENATE: REWARD, DON'T PUNISH, AMERICA'S JOB CREATORS

Apple Hearing Underscores Problems Hobbling Our Economy

Published Tuesday, May 21, 2013 6:30 am

As the Senate convenes a hearing today on issues surrounding corporate tax equity, the Institute for Liberty wants to remind lawmakers that their legislative powers do not exist in a vacuum--and that if we want to have a vibrant, thriving, and job-creating economy, we need to be rewarding those who have created, and continue to create jobs.  Our convoluted tax code, and our out-of-control regulatory state, both punishes and hobbles those who haven chosen, time and again, to invest in America.

 

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  • For too long, convoluted federal policies have allowed the government to pick winners and losers in the marketplace.  These policies punish good actors while providing a free ride to companies like Apple, a company with a "hip" image that curries political favor.
  • Companies in the Tech and Energy Sectors like AT&T, ExxonMobil, and Verizon invest tremendously in the American economy--they're not "Apple Hip", but compared to them, Apple invests next to nothing. It has avoided taxes on at least $44 billion in income in the United States.
  • It is outrageous that a company like Apple can trade on its hip status and become a political darling, all the while companies that are slogging it out in the byzantine regulatory and tax structure in the United States, investing billions and creating hundreds of thousands of jobs, are being accused of not paying their fair share and are targeted for even higher regulatory and tax burdens.
  • Tax policy should be fair, and should apply equally to all companies who are or want to compete in the United States.  Lawmakers have to recognize the impact of discriminatory tax and regulatory burdens, ensuring that companies that ARE doing their part, paying their fair share, and following the rules, are not forced to pick up Apple's bill as well.
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