Do you remember when everyone started spluttering that Apple only paid a 9.8% rate in corporate income tax?
Amazingly, if you do exactly the same calculation, in exactly the same manner, on this quarter\’s results, Apple\’s corporate income tax rate was 70% this quarter.
We will, of course, now have everyone who trumpeted the very low rate explaining how this very high rate isn\’t important because it\’s not a good method of calculating the tax rate. Which is entirely true.
But it didn\’t stop them last time did it?
Update: And of course I\’ve managed to get this quite gloriously wrong. Ho hum.