Cook dismissed as “total political crap” the idea that the tech giant was avoiding taxes despite the fact that it is hiding rather a lot of dosh in tax havens.
Apple saves billions of dollars in taxes through subsidiaries in Ireland, where it declares much of its overseas profit.
Cook told the CBS’ 60 Minutes show that Jobs’ Mob pays every tax dollar it owed, at least in Ireland. He admitted that he never bought the money back to the US because it would cost him 40 percent of the money it bought back.
Instead of helping the US economy with “trickle down” effects from Apple’s staggering wealth. Cook thinks it is much better to sit on a large pile in Ireland, while the US cuts back money on food stamps, welfare and its kids are so badly educated they believe that solar panels suck up all the sun’s energy.
The Senate Permanent Subcommittee on Investigations probed Apple’s tax strategies and found that Apple in 2012 alone avoided paying $9 billion in US taxes, using a strategy involving three offshore units with no discernible tax home, or “residence.”
Apple holds $181.1 billion in offshore profits, more than any other US company, and would owe an estimated $59.2 billion in taxes if it tried to bring the money back to the United States, a recent study based on SEC filings showed.
So it might be political crap, but it is also true.