Permanent Subcommittee on Investigations
Apple Chief Executive Officer Tim Cook testifies before the Permanent Subcommittee on Investigations about 'offshore profit shifting and the US tax code' at a hearing on Capitol Hill in Washington, DC, May 21, 2013.
The Senate Permanent Subcommittee on Investigations has found that Apple in 2012 alone avoided paying $9 billion in U.S. taxes, using a strategy involving three offshore units with no discernible tax home, or ‘residence.’
appreciates the opportunity to testify before the Permanent Subcommittee on Investigations […] in connection with its inquiry into the tax practices of multinational companies.
For years, my Permanent Subcommittee on Investigations has identified this stock option tax loophole and tried to explain its cost, its unfairness, and why the loophole should be closed.More quotes »
On Hill, Cook defends Apple on taxes
the subsidiaries have nothing to do with reducing its U.S. taxes, a message he struggled to convey to the Senate Permanent Subcommittee on Investigations . "We pay all the taxes we owe -- every single dollar," Cook said. "We don't depend on tax gimmicks."The Read more »
Around the web
Apple Recap: Tax Laws, E-book Fight, and Supply Stress
at $441.35. Here’s a cheat sheet to today’s top Apple stories: Cook’s appearance in front of the Senate Permanent Subcommittee on Investigations yesterday brought attention to the company’s practice of establishing offshore subsidiaries in countries that have 5/22/13 from Wall Street Cheat Sheet Read more »
Law & Apple: Rand Paul Comes to the Defense of Apple
tax practices, just in time to stir up public opinion for scheduled testimony from Apple to the U.S. Senate Permanent Subcommittee on Investigations on Tuesday. The article detailed the amount of money Apple allegedly avoided paying in taxes, and included 5/22/13 from MacLife Read more »
Just Who Was Rand Paul's Apology For?
in tax bills. "I frankly think the committee should apologize to Apple," Paul said at a hearing of the Senate Permanent Subcommittee on Investigations, which had just released a report finding Apple had avoided paying billions in taxes by setting up shell 5/22/13 from Open Secrets Read more »
Jamie Dimon Escapes Shareholder Censure—For Now
for violating embargo laws and chastised by regulators for weak controls against money laundering . The Senate Permanent Subcommittee on Investigations, in its report on the London Whale trades ( which I wrote about in March for The Nation ), also outlined 5/22/13 from The Nation Read more »
Tim Carney: Apple becomes latest target of the Beltway Shakedown
lobbying fees. An investigation by Sen. Carl Levin and a grilling of Apple CEO Tim Cook on Tuesday by the Senate's Permanent Subcommittee on Investigations were ostensibly about Apple's low tax bill. But nobody accused Apple of breaking the law. The company 5/22/13 from Washington Examiner Read more »