Sour Apple: A Shareholder’s Open Letter to Apple

NY Times Article on Why Apple is Borrowing Billions Rather Than Pay a Dividend

 

Dear Apple Board of Directors and CEO:

As the proud owner of a whole 5 shares of Apple Common Stock, I have a few words for you.  I am a citizen of the United States of America.  I do not have the data to prove this assertion, but I would suspect that other citizens of this country, like myself, make up one of the largest (if not the largest) sales markets for your products.  Not only that, but according to the product packaging, the creative design of the products occurs in Cupertino, California, which last I heard is still part of the United States.

As a specialist physician, I find myself in probably one of the highest tax brackets based on my income which is in vast majority earned income (not passive) from my employer.  Not only that, but living in New York City, I pay very high state and local tax rates as well.  Translation: I pay a butt load in taxes; but I am happy and proud to do so, because I wouldn’t want to live anywhere else in the world.  I know that keeping the United States the way we love it takes money.

With that preface in mind, you may not be surprised to learn that I was horrified to read the above piece in the NY Times about how you have issued bonds to the tune of billions of US Dollars in order to avoid paying taxes.  This despite sitting on billions in liquid cash assets.

Can you explain to the citizens of your largest market and me, a shareholder, why you are not paying your fair share to support the government infrastructure that supports your business, the largest market from which you derive profits, and the place you call your headquarters?

I am looking forward to hearing from you.

Most sincerely,

@crankydem