Tim Cook: Apple Does Not Funnel Domestic Profits Overseas

Yesterday it was reported Apple CEO Tim Cook was expected to testify at a U.S. Senate hearing over the company’s offshore tax policy. Prior to speaking at the hearing, Cook gave an interview to Politico to clarify the company’s stance, which he will be making on Tuesday:

“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,”

The Apple CEO made it clear the company pays taxes on everything it sells in the U.S. and also provides jobs and cares about the environment:

“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,”

[…]

“Apple is contributing in a lot of different ways to the economy, and we’re very, very proud of it, particularly in the job-creation area and the work we do to protect our environment,” Cook said.

On the domestic front, Cook reiterated Apple not only will be manufacturing Macs in the USA but numerous components too, saying “we’re going very deep in this project,” with Arizona, Texas, Illinois, Florida and Kentucky as some of the states mentioned as having parts and assembly located.

Cook says he hopes “to make some clear recommendations, and I trust there will be receptive parties there,”

Apple is one of the largest taxpayers (if not the largest) in the USA, with $6 billion to the IRS for fiscal year 2012, with estimates next year that could reach $7 billion.