Apple CEO Tim Cook Says Accusations of Tax Avoidance "Political Crap," US Tax Code "Awful"Chris Menehan | InformationLiberation
Dec. 20, 2015
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Apple CEO Tim Cook told CBS's Charlie Rose on this week's 60 Minutes the U.S. tax code is "awful" and was "made for the industrial age, not the digital age."
Cook said while he'd "love to" repatriate the billions Apple has overseas he won't because it would cost him "40 percent" in taxes.
"I don't think that's a reasonable thing to do," he said.
Cook told Rose accusations from congress that Apple is engaging in a "complex scheme" to dodge taxes are "total political crap."
"Apple pays every tax dollar we owe," he said.
In point of fact, Apple employed a highly complex "Double Irish Dutch" tax scheme to pay around a 3% tax rate on overseas income for over a decade.
Political outrage triggered the relevant laws to be changed in 2014 and Apple now faces the possibility of being slammed retroactively with a massive tax bill.