Here’s What Apple and Mitt Romney Have in Common
Rumors about Apple’s (NASDAQ:AAPL) low overseas tax payments have been around for a while now. Apple’s 10K filing with the Securities and Exchange Commission shows the world’s most admired company paid less than 2 percent in overseas taxes in the year to September 30, according to The Telegraph.
In total, Apple paid $713 million in overseas taxes. This was lower than the 2.5 percent it paid a year ago. According to The Telegraph, Apple uses “tax avoidance strategies” by redirecting its business to Britain and Europe.
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There has been a wide speculation over how much tax American companies were paying abroad. In a recent report, The Guardian said that Google (NASDAQ:GOOG), Amazon (NASDAQ:AMZN), Starbucks (NASDAQ:SBUX) and Facebook (NASDAQ:FB) are all paying much less than the full U.K. corporate tax rate of 35 percent.
For now, at least Apple has one person whose low tax rates will steal the spotlight: U.S. presidential candidate Mitt Romney.