Late last night Apple published a testimony in which they express their position regarding the senatorial investigation in which they will participate Tim Cook and members of the financial division of the company. The US Senate accuses Apple of having developed a tax haven with the help of subsidiaries outside the US, avoiding paying taxes on the amounts of money collected. Responding to Apple's statement, US senators I support myself position, stating that Apple's subsidiaries do not pay taxes to any state for the money earned, Apple avoiding paying billions of dollars to the American budget.
Apple wasn't satisfied with shifting its profits to a low-tax offshore tax haven. Apple sought the Holy Grail of tax avoidance. It has created offshore entities holding tens of billions of dollars, while claiming to be tax resident nowhere. We intend to highlight that gimmick and other Apple offshore tax avoidance tactics so that American working families who pay their share of taxes understand how offshore tax loopholes raise their tax burden, add to the federal deficit and ought to be closed.
Apple annually pays billions of dollars to the state and is one of the corporations that contribute the most to the federal budget, but the senators claim that it is also one of the companies that carries out one of the biggest tax evasions. The senatorial investigation has the role of proving that Apple is really doing tax evasion and if this is really proven, then there is a possibility that Apple will be forced to pay high taxes on the more than 130 billion dollars that it has at your service.
Apple claims to be the largest US corporate taxpayer, but by sheer size and scale, it is also among America's largest tax avoiders. A company that found remarkable success by harnessing American ingenuity and the opportunities afforded by the US economy should not be shifting its profits overseas to avoid the payment of US tax, purposefully depriving the American people of revenue. It is important to understand Apple's byzantine tax structure so that we can effectively close the loopholes utilized by many US multinational companies, particularly in this era of sequestration. I have long advocated for modernizing our broken and uncompetitive tax code, but that cannot and must not be an excuse for turning a blind eye to the highly questionable tax strategies that corporations like Apple use to avoid paying taxes in America. The proper place for the bulk of Apple's creative energy ought to go into its innovative products and services, not in its tax department.
