http://www.metroactive.com/movies/Steve-Jobs-The-Man-in-the-Machine.html
Since I'm sitting here this morning posting on the internet, I guess the truth is, I owe something to Steve Jobs.
Still, if you want to take a deeper look at the man, see "Steve Jobs: The Man In The Machine", a recently released film on his life. It's at Camera 7 (Pruneyard) in Campbell; I bought it via ATT U-Verse "on demand" last night for $8.00 and watched it at home.
For a look at the other side of Jobs' empire, here's a quote from The Metro's review (September 2-8 edition):
"Perhaps little crimes indicate indifference to bigger ones. Jobs was an able-bodied jerk who took handicapped parking spaces. But (narrator Alex) Gibney checks off a bigger roster, including Apple's tax sheltering of $137 billion overseas. After Jobs returned to the company he founded as a temporary CEO, he unplugged it's charitable work. There were the matters of the suicide-wracked Foxconn factory; the downstreaming of pollution and unsafe working conditions; the gaming of stock options; Jobs' behind-the-scenes maneuver to fix salaries among several Silicon valley giants, in an effort to keep the Valley one big company town."
"His designs became obsolete, like the commodities they are. Considering them all is like considering Jobs' life: you don't know whether to marvel over the achievement or mourn over all the waste."
The "gaming" of stock options was a big one, which the film went into in some detail. Apple executives were offered stock options at "backdated" prices, which is illegal. Jobs could have gone to jail for a lot of years for that. But Apple knew that if they lost Jobs they lost the company. Somehow, he was protected from prosecution.
Interesting film, I recommend it. Makes you think twice when pulling out your I-Phone or I-Pad. I'm a holdout who owns neither.
[Edited on 9/7/2015 by robslob]
There aren't too many people who grow billion dollar companies who are absolute saints. Genius - evil genius or an entrepreneur? He was what he was ... whatever that was.
But (narrator Alex) Gibney checks off a bigger roster, including Apple's tax sheltering of $137 billion overseas.
Don't mean to hijack the thread, but this caught my eye.
The US, and just a few other nations, are the only ones to tax foreign corporate profits. Foreign profits are already taxed in their country of origin, so our policy doubles down. Its a bs line, intended to stir up corporate resentment, usually from people who are already so deep in corporate pockets that they stink of crony capitalism. Of course, the irony that businesses never pay taxes (their customers do), never enters the minds of their followers. So the fraud is perpetuated and kept well fed.
Foreign profits are already taxed in their country of origin, so our policy doubles down.
I plead ignorance on the subject, so please help me understand. The film stated that Apple established "shell" Apple subsidiaries in Ireland in the early 80's in order to avoid American taxes. I interpret your above quote as saying that they would be paying taxes in Ireland, so for us to tax them also would be double taxation, correct? If so, aren't they paying an extremely lower rate in Ireland? If not, why go to all the trouble of establishing these foreign "shell" Apple companies in the first place?
Foreign profits are already taxed in their country of origin, so our policy doubles down.
I plead ignorance on the subject, so please help me understand. The film stated that Apple established "shell" Apple subsidiaries in Ireland in the early 80's in order to avoid American taxes. I interpret your above quote as saying that they would be paying taxes in Ireland, so for us to tax them also would be double taxation, correct? If so, aren't they paying an extremely lower rate in Ireland? If not, why go to all the trouble of establishing these foreign "shell" Apple companies in the first place?
Corporate income is taxed at 35% here. While there is consideration for foreign taxes paid, its still way higher than much of the world.
We have $2+ trillion in corporate income like this sitting outside of the US by US-based companies. It won't come back here until we change the tax laws. The ignorant policy of taxing foreign activities, combined with the foolishness of taxing business in the first place, keeps huge sums away where they could otherwise do good here in terms of jobs and investment.
Income-based taxation is politically corrupt. Politicians love it because it helps their power. He who writes the code can bestow favors, collect tribute, and remain in power.
