from the you-forgot-to-carry-the-one dept.
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."
That's the thing about people who think they hate computers. What they
really hate is lousy programmers.
- Larry Niven and Jerry Pournelle in "Oath of Fealty"