Senator Tom Coburn was livid (and probably still is). He's angry at Apple Inc. and other big corporations that are using completely legal means to protect their hard earned profits from the United States government greedy "give me more!" claws – which has the highest corporate income tax in the world.
I have one thing to say to Senator Coburn and others like him. You've been in politics far too long. Get out, run a company and see how Washington is punishing and actually demonizing success like never before. Come 2013, when the accredited "Bush tax cuts" expire, companies will pull back even further, hiring less and laying off more, as taxes move north across the board. And if you've been paying attention, it's already happening.
Senator Coburn attempts to tackle big issues, I admire that, but the US has arguably the most unfriendly corporate tax code in the world, and yet he blames Apple for keeping their off-shore earnings out of the US, while blaming them as part of the problem as to why the US is in a debt crisis? If it weren't so sad it'd be laughable.
When asked on MSNBC's Morning Joe show about whether companies like Apple should be given a tax holiday to repatriot their money, Senator Coburn skirted the question, delivering a typical long winded political answer, instead of giving delivering a simple answer of yes or no.
Coburn talks about reform to allow businesses to thrive, allowing them to bring their money to come back home, but in the same breath talks of hard controls about where companies money must go if repatriated.
Did you get that? Senator Coburn believes it would be a great thing to have corporate profits flow back into the US, but only so long as the government sets up more regulations, committees, and bureaucracy to dictate what companies can – or cannot do – with their own money. Senator Coburn playing consummate politician trying to have it both ways.
Government has shown us how well they run things the past 50 years. I can only imagine how long Apple, Google and FaceBook would last being run like the Post Office, Medicare, Social Security, Fannie Mae & Freddie Mac, AMTRAK, the War on Drugs, and the War on Poverty.
All of Governments best and brightest programs, bankrupt, broken, corrupt - or all of the above. With a track record like that, who needs success?
Coburn and his ilk pretend to act in the best interests of the country, but in the end, they have some angle were all the worlds belong to Government. All roads end in Washington.
Not much is going to change over the next few years, and "brilliant" politicians like Coburn will continue to encourage our companies to move their money - and businesses - off-shore to markets with low taxe rates and corporate freedoms.