Apple CEO Tim Cook goes before a Senate Permanent Subcommittee on Investigations to testify on Apple’s offshore tax practices.
The hearing will also feature two additional panels with treasury department officials and tax law academics. While watching the anticipated theatrics of the generally shameless politicians, keep in mind that the U.S. Senate investigation found no evidence that Apple did anything illegal in avoiding taxes.
According to The Associated Press, the subcommittee’s inquiry and hearing are intended to shine a light on “offshore tax-avoidance tactics” by Apple, Sen. Carl Levin, D-Mich said at a news conference Monday with Sen. John McCain of Arizona, the panel’s senior Republican. Companies’ use of such loopholes has the effect of raising the taxes of ordinary Americans and increasing the federal deficit, he said.
MacDailyNews Take: “Don’t look at the profligate federal spending for which I and my colleagues are responsible, of course. Look over here, instead.”
C-SPAN will carry the coverage live online and on their broadcast channels today:
Broadcast Airings:
May 21 at 9:30 AM – C-SPAN11 (4 hr, 30 min)
May 21 at 10:35 AM – C-SPAN (1 hr, 25 min)
The hearing is scheduled to begin at 9:30am EDT here.
Related articles:
U.S. Senate investigation found no evidence that Apple did anything illegal in avoiding taxes – May 20, 2013
Apple’s U.S. tax fallout set to have global impact – May 20, 2013
Hagens Berman investigating Apple Inc., others regarding tax-avoidance schemes; seeks whistleblower information – May 20, 2013
Grandstanding U.S. Senate panel expected to castigate Apple CEO Tim Cook for leading U.S.’s largest corporate income taxpayer – May 20, 2013
Apple publishes full testimony to be given before the U.S. Senate Permanent Subcommittee – May 20, 2013
Apple CEO Tim Cook to propose ‘dramatic simplification’ of U.S. corporate tax laws – May 18, 2013
Apple CEO Tim Cook to propose U.S. tax reform for offshore cash – May 17, 2013
Apple CEO Tim Cook goes on offense in Washington D.C. over $100 billion offshore cache – May 16, 2013
Apple’s bad, but it’s OK for Senators to take gifts and bribes. Go figure.
I think I’ve figured out Senator Levine’s strategy here: Use the first 90 minutes of testimony to cause most of interested America to tune out or have to go to work, so that when Tim Cook excoriates these esteemed elected officials no one is watching.
Senator Levine was first elected to the US Senate in 1976. So these tax code issues that Professor Shay is referring to (1986 onward) were created under his watch.
USA is not like china who can say to Chinese companies no then no .
Good questions, Senator Johnson, about tax allocation!
McCain STFU.
I’m leaning your way. Apple violated the spirit of the law? Come on, Senator McCain. Are you violating the spirit of the law in your tax returns? Let’s have a look.
It’s sad watching Tim Cook have to sit back there and just waste his time sitting through this.
Senator Levine is talking out of both sides of his mouth: “We’re not vilifying Apple…” yet he started off talking about Apple using “magic” to create companies that don’t exist, and “alchemy” in it’s tax strategies.
Senator Levin. My bad in seeing the on-screen Flash compression as “Levine”
Cook giving his WWDC keynote early.
Instead of this nonsense, McCain is supposed to be focusing on a la carte TV so I can watch the blacked out Braves on my local channel. Put your efforts toward bringing down DISH, DirectTV, Comcast, and Charter instead of a changing the world company like Apple!
This committee farce is bringing Socialism to Apple. The Federal Government has successfully destroyed the auto industry (with union help), the banking industry, the health care industry, and now it turns its attention to the one area that is still a source of growth and innovation – high tech. The Federal Government seeks to destroy everything that is successful. It will use its taxing and regulatory powers to wipe out successful companies like Apple. Look and listen to Carl Levin and John McCain and Claire McCaskill and you hear the voices of government tyrants plotting to plunder the wealth created by the talented and hardworking. We better get many more Rand Paul’s in government soon if we want Apple and other good companies to exist in the future.
I’m thankful that even though I am Republican, I had the sense not to vote for McCain. However the only other choice didn’t thrill me either. At the time, I thought I’d take a chance because Obama offered up a convincing good line of promises (didn’t fool me the second time around though). Not sure which choice is worse for the country at this point. Each one is blindly stupid in their own way.
It’s kind of sad to see Senator McCain being led so far astray by his staffers. Why is it so hard to see that Apple operations in [name of country not USA] pay income taxes to [name of country not USA] and forward their profits to ASI who invests those profits and pays [name of country IS USA] taxes on investment income.
It’s hard to see because as soon as you become a Senator your Common Sense Glasses get taken away.
Levin gets the “Ultimate Swinging Dick” award of the day in these hearings.
More like a limp dick
Wow, our government (well, at least Senator Levin) has no idea what global competition means. That is SCARY since these people make the laws, which corporations like Apple have to follow). Levin’s solution is to pass laws that force US companies to pay more tax. I’m embarrassed at the idiocy of the position. Well Mr. Levin, your government tax rate is in competition with the lower rates of other countries. Multi national corporations can setup show wherever they want. Multinational business… get a clue. Punishing corporations further just insures that the rest of the industry will move to a country where they would welcome the commerce, and UNDERSTAND the benefits brought to the economy.
No greater object lesson than this for term limits. We have morons in office. How quickly they put their feet in their mouths. After so much blather by tax “experts'” we only got to listen to “testimony” by Apple representatives for 15 minutes.
They were not given enough time to tell the truth. Of course, Congress wouldn’t know what to do with truth if it it them over the head.
As far as taxes are concerned if the Congressmen looked at C.A.F.Rs they would know continued taxing is not needed and that the C.A.F.R.s are all that is needed to continue floating government at all levels. They do not “need” our money. they already have more than enough to run government – and that includes paying off all debts caused by deficits!