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Clinton campaign economic advisor calls Apple’s income tax reporting practices “a fraud”

Nobel winning economist and Clinton campaign economic advisor Joseph Stiglitz had some very harsh words for Apple and its tax practices during an interview with Bloomberg TV  Thursday. 

“Here we have the largest corporation in capitalization not only in America, but in the world, bigger than GM was at its peak, and claiming that most of its profits originate from about a few hundred people working in Ireland–that’s a fraud. A tax law that encourages American firms to keep jobs abroad is wrong, and I think we can get a consensus in America to get that changed.”

Apple has told regulators in the U.S. and Europe repeatedly that it is obeying all tax laws. Whether or not the company is paying its fair share of taxes is another question. Stiglitz clearly believes it isn’t.MS