Apple (AAPL) Releases Statement on Corporate Taxation into Subcommittee Hearing
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Apple, Inc. (Nasdaq: AAPL) today released a statement which will be read by CEO Tim Cook as he, CFO Peter Oppenheimer, and tax operations head Phillip Bullock, head to Washington to testify in front of the Senate Permanent Subcommittee on Investigations.
Cook and company will be defending Apple's corporate tax practices, which has seen the company house over $100 billion overseas to avoid larger tax burdens.
Apple said it had been working with the subcommittee over the last few months. The company said that it paid $6 billion in federal corporate income tax last year and expects to pay $7 billion this year. The company also stated that it "does not use tax gimmicks."
Apple will also state that it supports comprehensive reform of the US corporate tax system. From the statement, "The Company supports a dramatic simplification of the corporate tax system that is revenue neutral, eliminates all tax expenditures, lowers tax rates and implements a reasonable tax on foreign earnings that allows free movement of capital back to the US. Apple believes such comprehensive reform would stimulate economic growth. Apple supports this plan even though it would likely result in Apple paying more US corporate tax."
Shares of Apple are up 2.7 percent Monday.
Cook and company will be defending Apple's corporate tax practices, which has seen the company house over $100 billion overseas to avoid larger tax burdens.
Apple said it had been working with the subcommittee over the last few months. The company said that it paid $6 billion in federal corporate income tax last year and expects to pay $7 billion this year. The company also stated that it "does not use tax gimmicks."
Apple will also state that it supports comprehensive reform of the US corporate tax system. From the statement, "The Company supports a dramatic simplification of the corporate tax system that is revenue neutral, eliminates all tax expenditures, lowers tax rates and implements a reasonable tax on foreign earnings that allows free movement of capital back to the US. Apple believes such comprehensive reform would stimulate economic growth. Apple supports this plan even though it would likely result in Apple paying more US corporate tax."
Shares of Apple are up 2.7 percent Monday.
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