'There is growing opposition to the GOP and US President Donald Trump’s impending tax overhaul, as a new analysis finds Apple is reaping tens of billions in “extra profits” from the plan. Apple earned that money under the current tax law.
When it comes to taxes, Apple is unique among giant multinational corporations. It stands alone in its practice of setting aside funds specifically in anticipation of potential taxes to be paid. Aside from the tech giant being the most valuable company in the world, that is why the Financial Times focused on the iPhone maker in a specific analysis of the impact of the Senate’s and House’s tax-reform proposals.
The Financial Times found Apple would benefit from a $47 billion “windfall” under the new tax regime, and as the report ripped through social media this week, it provoked outcry from critics of the Republicans’ tax reform agenda.
However, windfall profits occur when unexpected income is gained, and the $47 billion figure is already in Apple’s coffers. A lower tax rate than the company initially planned for years ago may be unexpected, but simply not paying more in taxes can’t be considered a profit in the same sense that profits are made by producing goods consumers want to buy. MSNBC’s Chris Hayes goes even further, tweeting that the US government is giving, he adds a parenthetical “essentially” $47 billion to Apple.'
Read more: Apple keeping $47 billion of its own money deemed ‘windfall’ profit by tax reform critics
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