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Austin TX, Silicon Hills, ATX -- Apple Computer was founded on April Fools Day, 1976 by Steve Wozniak and Steve Jobs. The two developed a series of user-friendly personal computers that they initially sold for $666.66 each.
Austin's city council has approved $8.6-million in tax breaks for the giant Apple Inc., as an incentive for Apple to expand and build a facility here which is expected to add jobs. That unanimous city council approval came shortly after officials from the state of Arizona were quoted as saying that Phoenix was never really seriously considered by Apple as a site for the complex. In addition, Travis County Commissioners Court is proposing to offer Apple, tax rebate incentives of $7.4-million over the next 10 to 15 years.
The Austin city council's approval also opened the door for Apple to qualify for an additional $21-million incentive package from the state of Texas, Texas Enterprise Fund; funded ultimately by ordinary citizen taxpayers.
Some Austin residents have clearly expressed they are not happy with that situation, noting that property taxes and water taxes have continued to rise, and substantial electric rate increases are being planned by Austin Energy, a city-owned facility. Meanwhile, one of the richest companies on planet earth is receiving a 10-year waiver on the new complex, of real and personal property taxes worth $8.6-million.
Former County Judge Bill Aleshire and developer Ed Wendler Jr. were quoted by the Austin American-Statesman as saying in In a letter to city and county officials: "Granting a tax break to a company after they've chosen to come here is not an inducement for economic development," and wrote in reference to the tax breaks for Apple,...."it's an unlawful (and stupid) gift of public funds." "We shouldn't just give taxpayers' money to get someone to do something that they were going to do anyway," Aleshire said to the Statesman.
The Statesman went on to quote Austin independent film-maker Todd Wroblewski: "Apple has to decide what side of the narrative it wants to be on. Do they want to be the billion-dollar company that invests in Austin, or the billion-dollar company that takes millions of dollars at a time the state is slashing social services?"
The tax incentives offered, total a $37-million transfer from taxpayers' pockets into Apple Inc.'s treasure chest. Getting taxpayers money from city, county, and state governments isn't the only way that Apple avoids paying U.S. taxes. Approximately two-thirds of the company's money is parked overseas, where Apple pays an international tax rate of less than 3 percent.
