NY Times Apple Tax Article Flawed 193
bonch writes "Forbes contributer Tim Worstall points out that the NY Times article claiming Apple pays less than 10 percent of its profit in taxes was based on a flawed assumption of the corporate tax system. The 9.8% figure came from Greenlining Institute, who compared Apple's 2011 profits to taxes calculated according to 2010 profits. In the corporate tax system, estimated quarterly tax payments are made based on the previous year's profits until actual profits are calculated at the end of the trading year, when the balance is then paid to the IRS."
Color me not surprised. (Score:1, Interesting)
Lately, I've seen lots of tabloid-esque headlines at Forbes supposedly drumming up controversy. I read the article and realize I was trolled. I think that magazine is not going to be around much longer.
Re:Color me not surprised. (Score:2, Interesting)
Much like CNN and Fox News, it's now an opinion organ. That's the state of factual reporting in the U.S.
Re:Forbes Article is Wrong (Score:5, Interesting)
Um, do you realize that the post you replied to, from an actual tax accountant, is saying that Forbes's conclusion is correct (much higher tax rate than 9.8%: 24.2%) but that their reasoning about why the NYT made such an error is somewhat incorrect?
It seems the NYT didn't do their proper due diligence before publishing an inflammatory anti-Apple article.
Also, the "one thing" the Foxconn documentary "got wrong" was actually several utter fabrications. If a "documentary maker" lies and fabricates evidence, he SHOULD have his reputation dragged through the mud, and his documentaries ARE worthless. Daisey himself has said that the production "is theatre." http://www.washingtonpost.com/lifestyle/style/this-american-life-cites-fabrications-in-documentary-on-apple-suppliers/2012/03/16/gIQAsJ6sGS_story.html [washingtonpost.com]