The US Senate is unhappy about Apple’s international tax practices and now Steve Wozniak, co-founder of Apple, is saying that he agrees with the government.
Apple’s international tax practices and off-shore cash has brought a lot of heat from the US Senate. The tech giant has joined many large American corporations who utilize various loop holes in the law to circumvent paying taxes. One such method involves shifting your profits out of the country to other places on the globe where taxes are lower. It’s a destructive practice that hurts the economy, and Apple’s co-founder Steve Wozniak agrees with the senate’s opinion that Apple’s tax practices are unfair. Wozniak believes large corporations like Apple should not be taxed on their profit, as is currently the case, but rather on their income. He spoke out about this opinion during an interview on BBC:
People are not taxed on profit, they are taxed on income, corporations should be taxed the same as people in my mind, that is how it should be, that would make things fair and right.
That means corporations pay taxes on all of their revenues or people only pay it on a tiny amount called profit and until we rectify that the whole problem is just with us forever. That is why the rich get richer and the poor get poorer and I am always for the individual being much more important than their training, same reason I created the Apple computer at the start, it was to empower the little guy.
Apple’s tax practices brought CEO Tim Cook to Washington D.C. recently, to speak at the US Senate Sub-Committee Hearing to Examine Offshore Profit Shifting and Tax Avoidance by Apple Inc. During Cook’s testimony, he pushed for a radical revision of the tax code that would make it up to date for the digital age. Meanwhile, Wozniak continued his push for revision as well, stating how he believed the ones taxed by profit should be the people, not the corporations:
Why do businessmen get to write off lunches and cars? If normal people did they would have more savings.
That is really not fair, that businesses are not treated the same as people.
A person would say, ‘my life is my business and I have to pay for my home, pay for my clothes, my food and what is left over if I make a little money some year and put it in savings, that is my profit’, but people are not taxed on profit, they are taxed on income.