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05-21-2013, 02:37 PM #1
Apple CEO Tim Cook Talks IP, Taxes on Capitol Hill
Apple Chief Executive Tim Cook testified Tuesday at a Senate hearing that largely probed how Apple uses Irish subsidiaries to allegedly shelter billions of dollars in income from U.S. taxes.
Cook, however, strongly defended Apple's tax practices. "We pay all the taxes we owe — every single dollar," Cook told members of the Senate's Permanent Subcommittee on Investigations. "We not only comply with the laws but we comply with the spirit of the laws," he said. "We don't depend on tax gimmicks."
Broadening the discussion, Cook addressed the United States' intellectual property protection environment and pointed to weaknesses.
"I actually think," Cook asserted, "that we require much more work on IP in this country... The U.S. court system is currently structured in such a way that it's currently difficult to get the protections a technology company needs, because the cycle is very long."
"For us, our intellectual property is so important to our company," Cook argued. "I would love to see the system strengthened to protect it."
The panel's chairman, Sen. Carl Levin (D-Mich.) praised Apple's success and even boasted of using an iPhone, but insisted that this reality excuse the company's tax-related tactics, which purportedly helped Apple avoid paying an estimated $9 billion in U.S. taxes in 2012.
"Apple executives want the public to focus on the U.S. taxes the company has paid, but the real issue is the billions in taxes it has not paid, thanks to offshore tax strategies whose purpose is tax avoidance, pure and simple," Levin said.
According to the LA Times, Sen. Rand Paul (R-Ky.) staunchly defended Apple, saying: "Frankly, I’m offended by the tone and tenor of this hearing...I’m offended by a $4-trillion government bullying, berating and badgering one of America’s greatest success stories... Tell me what Apple’s done that is illegal. They’re doing what their shareholders ask, which is to maximize profit."
Source: LA Times
05-21-2013, 02:53 PM #2
I can't believe I'm saying this but way to go Sen. Rand Paul.
Is Apple doing anything illegal? No.
Then why are we having a hearing? The Senate thinks they should have moved their profits into the U.S. to pay the most possible in taxes.
Why not just close the loophole allowing such an action by a U.S. company? Because that would hurt U.S. business and deter expansion into new markets and subsequently decrease our exports.
How much tax revenue was wasted to target Apple for highlighting the fact that Apple did not actually do anything illegal? A lot.
Last edited by REMED1AL; 05-21-2013 at 03:06 PM.
05-21-2013, 02:57 PM #3
Tim Cook could prolly just write a $9 billion check right now but the government will look for something else to tax. I'm not sure 'money' is the big concern for Apple, as opposed to 'principle.'
05-21-2013, 04:15 PM #4
I wrote this yesterday on a diff news. Just trying to make Apple an EXAMPLE!!! Most of these fortune 500 companies all filter there money the same way!!
Theres 2 sides to these stories. I saw this one dateline or one of those shows. Yes these companies are filtering money thru 12-14 countries to cycle there money thru and they are costing us between 50-75 billion in lose taxes to the government. BUT our government has created these loop holes and is legal for them to do. NOW guess who created these loop holes??? Your elected officials that you voted for congress and HOR And why were these loop holes created? because these congress and HOR officials are on the boards with these top companies. And guess what happens now that they created these loop holes and keep them open? There pockets are getting super fat with money!!! Go figure????? HUH????? Our government elected officials don't give a crap about the people, there only there for themselves to have power and control and why?? GREED!!!!!
Also in that show talking about googles money? the last country to goto is Ireland in some small town to a address of a small office with about 10 employees. thats where there money trail ends.
05-21-2013, 04:20 PM #5
05-21-2013, 06:23 PM #6
05-21-2013, 06:24 PM #7
But like I said before if I own Apple would I do the same thing? Most likely. Other multinationals doing the same thing? Definitely. Do I know it is wrong? Yes.
Last edited by unison999; 05-21-2013 at 06:28 PM.
05-24-2013, 07:41 AM #8
Tim Cook (Crook) has come across to many as a greed-driven, arrogant cock-roach type of CEO.
And who is the miscreant individual with the bad pair of prescription glasses hovering up against the rear of Tim?
Most of the above comments being true and reasonable... Tax evasion/avoidance is something that the overpaid by (tens of millions per year) CEO's like Tim Cook typically sell their soul for...
These same overpaid greedy corporate elitists then conveniently pay slave wages to the builders of their products while they overcharge consumers and laugh all the way to the bank with their billions in ill-festering profits.
Apple management for the most part is lackluster, ego-centric, arrogant, over-paid and worthless in so many ways.
Steve Jobs aside from his own issues, led Apple to become an empire and his rebel spirit and drive are sorely missed these days.
May the wonderful employees of Apple that actually create, design and innovate keep the faith and do your best to unite and turn Apple around before it's too late.