September 13, 2016
That’s what a NYT article told readers, although the $1.0 trillion figure may not have been clear. The European Union determined that Apple owes Ireland $14.5 billion in back taxes. While the article indicated that this is a substantial sum, since most readers are probably not familair with the size of Ireland’s economy, they likely would not realize how substantial it is.
Since Ireland’s GDP is projected to be 229 billion euros this year, the back taxes would be roughly the equivalent of $1 trillion in the U.S. economy. The piece also indicates that with interest included the sum could be $23 billion. This would be the equivalent of $1.5 trillion in the U.S. economy.
Put another way, Ireland’s population is just under 4.6 million. This means the $14.5 billion figure would translate into $3,150 for every person in the country. The larger $23 billion figure would come to $5,110 per person.
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