Senate: Apple uses firms outside U.S. to avoid taxes
WASHINGTON — Apple Inc. employs a group of affiliate companies outside the country to avoid paying billions of dollars in income taxes, a Senate investigation found.
The world's most valuable company is holding overseas $102 billion of its $145 billion in cash, and an Irish subsidiary that earned $22 billion in 2011 paid only $10 million in taxes, according to the report issued on Monday by the Senate Permanent Subcommittee on Investigations.
The strategies Apple uses are legal, and many other multinational corporations employ similar techniques to avoid paying income taxes on profits they reap overseas. But Apple uses a twist, the report found. The company's tactics raise questions about loopholes, lawmakers say.
Apple's top executives are scheduled to testify and explain the company's tax strategy at a hearing by the subcommittee on Tuesday.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Poll: Iraq, Afghanistan wars failures
- Cantor to leave House early
- CIA chief’s job could be at risk over Senate probe
- Law enforcement, intelligence agencies want to ‘like’ you on social media
- Congress considers dangers of driving high
- GAO seeks more drinking water safeguards
- Credit-card-stealing virus ‘Backoff’ virtually undetectable, Homeland Security warns
- IRS calls right-wing Republicans ‘crazies’ in emails
- House’s vote to sue Obama is historic foray into checks, balances
- CIA admits Senate was spied on
- Museum sleepover for adults sells out