Apple Releases Testimony Prior to U.S. Subcommittee Investigation
Apple has released a 17 page PDF document detailing its stance on tax policies prior to the U.S. Subcommittee hearing set to take place tomorrow, where CEO Tim Cook is set to defend and clarify the company’s tax practices.
Apple clarifies how in its 2012 fiscal year, $6 billion in corporate taxes were paid to Uncle Sam, the most out of any corporation in the USA, accounting for $1 out of every $40 in corporate taxes collected by the U.S. government, or $16 million per day. This number is expected to rise to $7 billion this year.
The company reiterates in its conclusion the company encourages “comprehensive reform” of the US corporate tax system, most likely to include changes to allow the company to repatriate foreign capital without paying a 35 per cent tax rate, which Apple believes would “stimulate economic growth”, since they would be paying more US corporate tax if this number was reduced.
While some Subcommittee members may have differing views on these tax policy matters, Apple hopes the Subcommittee will see that these recommendations aim to create meaningful change and go well beyond what most US companies propose. As both a pioneer and participant in the American innovation economy, Apple looks forward to working with the Subcommittee on its efforts to encourage comprehensive reform of the US corporate tax system. Apple appreciates the opportunity to appear before the Subcommittee to contribute constructively to this important debate.
The Offshore Profit Shifting and the U.S. Tax Code – Part 2 is set to take place tomorrow at the Dirksen Senate Office Building at 9:30AM EDT in Washington, D.C.