May 22, 2013 |
Apple, America's richest, most innovative consumer technology company, is also the most creative in hiding billions of dollars in profits from the taxman, according to congressional investigators. But on Tuesday in testimony before the Senate Permanent Subcommittee on Investigations, Apple CEO Tim Cook pointed out that his company's creative tax sheltering, far from being illegal, is made possible by the loophole-ridden tax laws of the United States. Cook told the senators that Apple paid a $6-billion tax bill to the federal government last year.
May 21, 2013 |
WASHINGTON -- Apple Inc. Chief Executive Tim Cook and other company officials will be in a legendary hot seat Tuesday as they try to defend the company's tax practices -- in front of Sen. Carl Levin. The veteran Michigan Democrat chairs the Senate's Permanent Subcommittee on Investigations and is known for his aggressive and lengthy interrogation of witnesses he brings before the panel after his staff conducts detailed investigations. The subcommittee's latest probe found that Apple used a web of foreign subsidiaries to shelter billions of dollars in overseas income from U.S. taxes.
CALIFORNIA | LOCAL
May 9, 2013 |
Stephanie Nordlinger, who lives in a modest Baldwin Hills tract home, has been reading with interest the news stories about computer magnate Michael Dell and his low, low property taxes. Last week, the Times reported that Dell has saved more than a million dollars a year in taxes on a landmark Santa Monica hotel by exploiting a gaping legal loophole in the rules that govern how Proposition 13 is applied. By bringing his wife and two investment advisors into the 2006 deal for the Fairmont Miramar Hotel, my colleagues Jason Felch and Jack Dolan reported, Dell has so far been able to keep his taxes based on the hotel's 1999 assessed value of $86 million, rather than the $200 million he paid.
January 23, 2013 |
LA JOLLA -- Media members from all over the world packed the press tent at Torrey Pines on Wednesday to hear star golfer Phil Mickelson speak about...taxes. Yes, it's already been a strange week at the Farmers Insurance Open. Following up on a statement he issued late Monday night, Mickelson offered a personal apology for comments he made about California's tax system. "You know, I've made some dumb, dumb mistakes and, obviously, talking about this stuff was one of them," Mickelson said.
January 22, 2013 |
LA JOLLA - Phil Mickelson, an expert at applying backspin on the golf course, issued a statement clarifying comments he made Sunday indicating he might move out of California because of the state's income tax laws. "I'm like many Americans who are trying to understand the new tax laws," Mickelson's statement read in part. "I certainly don't have a definitive plan at this time, but like everyone else I want to make decisions that are best for my future and my family. Finances and taxes are a personal matter and I should not have made my opinions on them public.
September 19, 2012 |
In the imaginary universe of Mitt Romney, the 47% of Americans who pay no income tax are loafers, shiftless bums and welfare queens who will all vote for President Obama in November. In the real world, that 47% includes the working poor, the newly unemployed, handicapped people, the elderly, veterans, 4,000 millionaires and the nation's greatest icon, the American cowboy. A few years ago, I helped move a herd of cattle with some honest-to-God cowboys on a big ranch near White Sulphur Springs, Mont.