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Cook, Levin butt heads over Apple's tax strategy

Tuesday, May 21, 2013 - 02:41

Confronted with accusations that Apple aggressively avoids U.S. taxes, CEO Tim Cook insisted that the company pays ''every single dollar'' it owes, while Sen. Carl Levin said Apple diverts most of its profits to Ireland to sidestep its tax bill.

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We pay all the taxes we. Every single dollar. We don't depend on tax gimmicks most of your profits -- worldwide. Are sitting in three. Irish companies that you've controlled that don't pay taxes. We don't move intellectual property offshore. And use it to sell our products back to the United States to avoid taxes. We don't its stash money on some Caribbean islands don't kid ourselves. -- to the implications. Of what this means in terms of America's revenue. You point out and accurately so mr. -- That 95%. Of the creativity that goes into those product is in California. That two thirds of the profits. In Ireland and you made a decision which you have a right to do. Not to bring that money. Home senator we're proud that all of our warranty your investment or -- if any guidance I don't I'm not saying it's illegal I'm not saying it's legal hunting. He made a decision. Shift to. Most of your crown jewels in terms of economic. Value right that creates the profit all ought to be out profits from all the product itself United States I know that accident -- oh and post your profits worldwide. -- not act 200 billion dollars plus -- -- stashed -- in these three Irish companies and the question is will you bring them home. Is it true you'd told -- that you're not bringing. Hundred billion home unless we reduce their tax -- that actress. I don't remember saying that is it true. I said I don't remember saying all I'm saying is it true that you're not gonna bring them home unless we reduce their tax rate. I have no current plan to bring them back. At the current tax credit are definitely -- saying unless we return we reduce their tax -- -- not freedom I'm not projecting what I'm gonna -- forever because I have no idea how the world which. Can you understand there's a perception of unfair advantage here mr. cook. I honestly speaking I don't see it as being unfair I'm not an unfair person. That's not who we yours accompany your line -- individual we got to understand. What is going on which is that you make you -- -- to -- Three apple employees and 20082009. Essentially decided. Where these profits are going to be taxed enough. Folks. It it's it's not right that is not right.

Cook, Levin butt heads over Apple's tax strategy

Tuesday, May 21, 2013 - 02:41

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