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Apple CEO Tim Cook to suggest Corporate Tax Overhaul

May 17 2013, 4:30am CDT | by , in News | Apple

The CEO of Apple, Tim Cook has taken the side of lawmakers who want a new tax bill. He plans to introduce a corporate tax overhaul that will change the existing tax laws. The purpose of the whole exercise is job creation at home.

Apple CEO Tim Cook to suggest Corporate Tax Overhaul
 
 

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Apple CEO Tim Cook to suggest Corporate Tax Overhaul

Apple CEO Tim Cook to suggest Corporate Tax Overhaul

Tim Cook happens to be the head of the richest global enterprise. As CEO of Apple he is a genuine leader and corporate citizen. Recently, Tim was reputed to have announced an appearance in hearings for a tax law renewal.

According to The Washington Post, Tim Cook wants to change the taxation system in the US in such a manner as to benefit the national coffers. He wants companies that have financial assets invested abroad to bring home the bacon (so to say). Via job creation at a local level, Apple wants to contribute its share of water to the tributary. Some of the big shots among multinationals have a lot of cash caught up in foreign schemes. And while this may be their fundamental constitutional right, the practice is hurting the local market.

Tim Cook is an honest man with pure intentions. Even though Apple itself has over $100 billion in offshore fixed funds, the CEO wants to haul it back home. This will result in a tax of 35% being applied to the lucrative amount. Yet the down-to-earth CEO wants to benefit his country rather than just look towards a fat paycheck as the be-all-and-end-all of existence.

However, there are many who don’t agree with his ideas. The biggest of these is Wall Street which is known for its creed of greed. Apple has already taken a number of financial steps to eradicate foreign surplus investments. The congress hearings are set for a date some time off in the future. And Mr. Cook will personally attend them and propose to reinvent the tax rules.

While Cook doesn’t agree with his more money-conscious peers who want the home tax to be zero, neither does he want it to remain stuck at the astronomical rate of 35% at which it is currently set. He basically wants to find a golden mean between the two extremes.

Cook especially emphasized the strong moral compass of his organization. He spoke of how his firm has played an important role in the creation of jobs in the US. There are voices saying that this paying of taxes on assets brought home would amount to a double taxation procedure that was downright unfair. We have yet to see how the proceedings go when Tim Cook speaks his mind before congress regarding the laws of the land.

Image Credit: Getty Images

 

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<a href="/latest_stories/all/all/20" rel="author">Sumayah Aamir</a>
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