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Apple releases Tim Cook’s official statement to Senate


Apple has released Tim Cook’s official statement to the Senate ahead of his Tuesday appearance at a hearing on corporate tax payments.

As noted by “Seeking Alpha,” among other things, Apple claims it paid ~$6 billion in federal taxes in FY12 and a 30.5% effective federal tax rate, that its foreign units don’t engage in the practices the hearing focuses (the shifting of IP to offshore havens, revolving loans from subsidiaries, etc). The company proposes a tax system that’s “revenue neutral, eliminates all tax expenditures, lowers tax rates and implements a reasonable tax on foreign earnings.” 

Read more at . Also, you can find the entire official statement at

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