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Apple Publicly Posts Its Upcoming Testimony to Senate on Tax Practices

Apple Publicly Posts Its Upcoming Testimony to Senate on Tax Practices

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Apple has publicly posted its testimony on tax practices which will be presented to the Senate's Permanent Subcommittee on Investigations tomorrow.

Apple CEO Tim Cook has also been speaking to journalists before he testifies to the Senate subcommittee assuring them that Apple does not funnel profits offshore.

“I can tell you unequivocally Apple does not funnel its domestic profits overseas. We don't do that. We pay taxes on all the products we sell in the U.S., and we pay every dollar that we owe. And so I'd like to be really clear on that.”

The document contains details on the changes to the tax system that Apple believes the administration should make.

Apple has always believed in the simple, not the complex. This is evident in the Company’s products and the way it conducts itself. In this spirit, Apple has recommended to the Obama Administration and several members of Congress – and suggests to the Subcommittee today – to pass legislation that dramatically simplifies the US corporate tax system.

This comprehensive reform should:
• Be revenue neutral;
• Eliminate all corporate tax expenditures;
• Lower corporate income tax rates; and
• Implement a reasonable tax on foreign earnings that allows free movement of capital
back to the US.

Apple recognizes these and other improvements in the US corporate tax system may
increase the Company’s taxes. Apple is not opposed to such a result if it occurs in the context of an overall improvement in efficiency, flexibility and competitiveness. Apple believes the changes it proposes will stimulate the creation of American jobs, increase domestic investment and promote economic growth.

While some Subcommittee members may have differing views on these tax policy matters, Apple hopes the Subcommittee will see that these recommendations aim to create meaningful change and go well beyond what most US companies propose. As both a pioneer and participant in the American innovation economy, Apple looks forward to working with the Subcommittee on its efforts to encourage comprehensive reform of the US corporate tax system.

Apple appreciates the opportunity to appear before the Subcommittee to contribute constructively to this important debate.

You can read the full document here.

Apple Publicly Posts Its Upcoming Testimony to Senate on Tax Practices

Rockne1865 - May 20, 2013 at 9:21pm
One of the worlds richest company's a company with one of the largest profit margins in the history is crying they pay too much tax! The truth is they don't pay enough! Any company that does all its manufacturing overseas needs to pay maximum taxes, because of all the manufacturing jobs that are not contributing taxes!
Adam - May 21, 2013 at 7:40am
Do you live in China or would you like a free flight? Since im "rich", I can afford it. What incentivizes Americans (Apple, other companies) to strive for greatness when literally 41 % of MY yearly income (as a regular "guy") is paid to taxes. No kids, so I suffer. Did you know my integrating 3 women, and having them live with me and have a maid take take of them brings $700 more take home income per month for me? Is that really fair? For a choice I make? Does that really make people strive to be great? Isn't it reasonable that I took a MUCH "lower paying" job cause at the end of the year I bring more home? A simple explanation is all I would like. You sound like a guy who limits my gun magazines to 10 rounds but allows me to carry 100-10 round mags. You have true socialist views, and are on your way to the next level. I hope you don't live in America although I wouldn't be surprised with all the "lets me a freeloader" attitudes here now. This Is a rant, and if I can open just 1 mind, it's 1 less to poison what this country used to be founded on. I urge you to reply and justify your original comment. Because what you said is "I support losers who don't want to work for what they have." Unfortunately, you probably don't realize that you pathetic little bug.