Apple's little secret was finally exposed--and it's something the multi-billion dollar tech giant has been hiding from Congress and the U.S. Treasury.
After an exhaustive investigation, the European Commission found that Ireland's tax arrangements with Apple are illegal and that it owes the Irish government $14.5 billion. But that's not even the half of it. Apple has more than $215 billion in profits tucked away in offshore accounts, on which it owes the American people over $60 billion in taxes.
Join SumOfUs and Americans for Tax Fairness in demanding that the U.S. Treasury Department immediately investigate Apple for tax evasion.
Apple is one of many U.S. multinational corporations that dodge taxes by hiding profits in offshore accounts, meaning that corporations evade paying billions in taxes by pretending that revenue earned here in the U.S. was earned in tax havens, like Ireland.
Worst of all, corporations get away with it thanks to a giant tax loophole created by Congress, called "deferral," which lets them delay paying taxes on overseas profits until the money is returned to America, something likely to NEVER happen.
Let's look at the bigger picture. U.S. Multinationals have $2.4 TRILLION in untaxed profits offshore, which means they potentially owe $700 billion in taxes to the American people. Imagine how many schools that money could fund.
We need to pile the pressure on companies like Apple and make sure they follow the rules. SumOfUs members like you have joined in the hundreds of thousands to hold the biggest corporations accountable -- just this summer we proved that the proposed merger between Monsanto and Bayer is completely illegal, and half a million of us have stood together to oppose it. When we come together, no corporation is above the law.
Demand that the U.S. Treasury Department act immediately to investigate Apple and ensure it pays up.
The fact of the matter is that large corporations are the country's biggest and most repeat tax dodgers. Join us to demand that corporations pay their fair share of taxes. It starts with one of the world's most profitable companies like Apple being held accountable.