'Apple CEO Tim Cook announced this week that the company would repatriate $252 billion, give or take a few billion, then create some American jobs and invest in America – for a change.
This is a result of the massive tax cut Congressional Republicans awarded corporations like Apple that were hoarding trillions in profits overseas.
Corporate lobbyists told Congress to lower the tax rate on those overseas caches or companies like Apple wouldn’t pay a cent of the taxes they owed on those profits. Congress complied. That is highly productive corporate extortion.
As a result, Apple’s announcement that it would invest some of the repatriated profits in U.S. operations is tainted. Also sullied are the brags by other corporations that they’ll use small parts of their annual tax savings to pay workers one-time bonuses and tiny wage increases – only to turn around and lay off thousands of workers.
The corporate extortion and maltreatment of workers defy the advice that BlackRock CEO Laurence D. Fink offered the CEOs of the world’s largest companies in a letter delivered Jan. 16. Fink’s words carry some weight since his firm is the largest investor in the world with more than $6 trillion. The letter described as flawed the CEO-favored philosophy of shareholder capitalism, under which corporations shirk responsibility to everyone but shareholders.'
Read more: There Is a Major CEO Tax Con-Job Going On
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