Apple could be on the hook for $19 billion in taxes, and the Obama administration is livid
The European Commission is expected to levy a judgment against #Apple in the next few months that could total in the billions of euros. #JPMorgan has estimated that Apple could be on the hook for as much as $19 billion — or about 17 billion euros — the Financial Times reports. The commission is accusing Apple of striking a sweetheart tax deal with Ireland, in which the #iPhone maker would move its profits to wholly owned Irish subsidiaries to reduce its corporate taxes. Apple has one major defender in its corner, though: the US Treasury Department and, by extension, the Obama administration. The Treasury released a white paper on Wednesday, commissioned by Treasury Secretary Jack Lew, that did not mince words while defending American companies, including Apple, #Starbucks, and #Amazon. It says that the Brussels-based investigation of Apple is “supranational” and essentially accused the European Commission of executing a power grab and unfairly targeting American companies.