Senate investigators accuse Apple of wiring together a complicated system to shield billions of dollars in international profits from both U.S. and foreign tax collectors.
A report released ahead of Apple CEO Tim Cook’s inaugural Capitol Hill appearance Tuesday alleges the tech giant took advantage of numerous U.S. tax loopholes and avoided U.S. taxes on $44 billion in offshore, taxable income between 2009 and 2012 — a characterization Apple flatly rejects.
The bipartisan Senate probe also charges for the first time that Apple’s long established foreign entities, based in Ireland, don’t actually have tax-resident status there or anywhere else. The company conducts most of its international business in the European country to take advantage of lower tax rates, according to the congressional report.
Read more: Senate investigators: Apple sheltered $44 billion from taxes - Tony Romm - POLITICO.com
Yup.. 44 billion bucks! Now this activity isnt "illegal" i certainly believe that it should be.