“Apple is under so much pressure in Washington over its offshore cash that it’s doing things it almost never does,” Anna Palmer and Tony Romm report for Politico. “CEO Tim Cook is coming to Washington to testify in front of a panel of senators about stashing more than $100 billion overseas, rather than sending a lower-level executive.”
“He will offer Congress Apple’s ideas for comprehensive tax reform — an unusual move for the company into the world of policy,” Palmer and Romm report. “And Cook is even talking with D.C. reporters ahead of his visit, including Politico in a rare interview. ‘We don’t have a large presence in Washington, as you probably know, but we care deeply about public policy and believe creative policy can be a huge catalyst for a better society and a stronger economy,’ Cook said in the interview. He also defended his company’s conduct. ‘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,’ Cook said.”
“Tuesday’s hearing will be political theater at its finest — senior senators on their home turf looking to crucify a high-profile executive for the cameras, with little legislative action ever to result from it,” Palmer and Romm report. “Veteran tech lobbyist Bruce Mehlman said the entire system needs to be overhauled. ‘The tax system is broken; it’s not competitive,’ Mehlman said, noting that Apple faces far greater taxes than its tech competitors, like Korea-based Samsung. ‘The policymakers made the code, and it’s not nearly as flat, simple and logical as it should be, so companies across all sectors do what they can to minimize [their] tax burden and maximize research and product development. Tech is no different.'”
Much more in the full article here.
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