Political Quotes

“I rise today to highlight an example of how private sector businesses grow and contribute to our society when they're not suffocated by unnecessarily high taxes, and I rise to dispel a myth that our colleagues continue to perpetuate about energy taxes. On April 24, The Wall Street Journal ran an article calling Apple Incorporated ``the most valuable company'' in the world. Am I happy about that? Am I happy about Apple's success? You bet I am, and so are most people in the United States. Later that week, on April 28, The New York Times wrote a similar article that reported on Apple's creative but legal tax strategy that saves them billions in tax payments each year. The Times article reported ``the company paid cash taxes of $3.3 billion around the world on its reported profits of $34.2 billion last year, a tax rate of 9.8 percent.'' Comparatively, Wal-Mart paid a tax rate of 24 percent. {time} 1030 When Apple was asked for comments on their exceptionally low tax rate, they responded: By focusing on innovation, we've created entirely new products and industries, and more than 500,000 jobs for U.S. workers--from the people who create components for our products to the people who deliver them to our customers. They also mentioned: In the first half of fiscal year 2012, our U.S. operations have generated almost $5 billion in Federal and State income taxes. Mr. Speaker, Apple's experiences are instructive to us. First, the Federal Tax Code is too complicated.…”