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The Irish government has decided to appeal an EU ruling that ordered Apple to pay 13 billion euros in back taxes. Despite the potential windfall, Ireland is siding with Apple to protect its reputation as a low-tax hub for multinational corporations. The hosts note that the tax amount is roughly equivalent to Ireland's entire national medical debt.
European Competition Commissioner Margrethe Vestager issued a ruling against Apple regarding its tax arrangements in Ireland. The investigation focuses on whether Irish tax rulings allowed Apple to attribute profits to a "head office" that existed only on paper to avoid taxation. While media reports suggest a 17 billion dollar fine, the action is technically a demand for unpaid back taxes rather than a punitive fine.
The "Paying a Fair Share Act of 2012," commonly known as the Buffett Rule, proposes a minimum 30% tax rate on individuals earning over $1 million annually. President Obama argues this is necessary to ensure billionaires do not pay lower rates than their secretaries, while the hosts examine the bill's intent to replace the Alternative Minimum Tax (AMT).
