Stiglitz Calls Apple’s Profit Reporting in Ireland ‘a Fraud’
- Nobel laureate tells Bloomberg TV tax law needs to be changed
- Apple has defended its practices, called for tax code overhaul
Stiglitz: Apple's Profit Reporting in Ireland 'a Fraud'
This article is for subscribers only.
Nobel economist Joseph Stiglitz said U.S. tax law that allows Apple Inc. to hold a large amount of cash abroad is “obviously deficient” and called the company’s attribution of significant earnings to a comparatively small overseas unit a “fraud.”
“Our current tax system encourages companies to keep their money abroad, opens up a vast loophole through what is called the transfer-pricing system that allows them not only to keep their money abroad but, effectively, to escape taxation,” Stiglitz, who advises Hillary Clinton’s presidential campaign, said in a Bloomberg Television interview with Tom Keene.