Apple, Called A U.S. Tax Dodger, Says It's Paid 'Every Single Dollar' of Taxes Owed

In brief: Apple CEO Tim Cook, called to testify before a Senate subcommittee that charges it with dodging U.S. taxes, says its paid ‘every single dollar’ of the taxes it owes and that it supports ‘dramatic’ changes to the tax system that will likely mean Apple will pay more in taxes.
A U.S. Senate subcommittee today questioned Apple AAPL -0.74% CEO Tim Cook about the company’s offshore cash, charging the company with exploiting tax loopholes and setting up offshore subsidiaries to shift “large potions” of its profits offshore as part of a plan to “dodge” paying billions of dollars in U.S. taxes.

Cook disputed those claims, saying instead that Apple is handicapped by antiquated tax laws that leave U.S. multinationals at a disadvantage when it comes to moving cash held overseas back home.
“We pay all the taxes we owe, every single dollar,” Cook told the Senate Permanent Subcommittee on Investigations, noting that Apple may now be the largest U.S. corporate taxpayer. “We not only comply with the laws, but we comply with the spirit of the laws. We don’t depend on tax gimmicks. 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 stash money on some Caribbean island. We don’t move our money from our foreign subsidiaries to fund our U.S. business in order to skirt the repatriation tax.”