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Apple CEO Tim Cook Slams ‘Industrial Age’ Tax Code, Calls Avoidance …

Apple CEO Tim Cook has lashed out during politicians who explain a association is avoiding taxation in a U.S., slamming a accusations as “political crap.” In an talk with CBS’s “60 Minutes,” Cook pronounced a association keeps a abroad income outward of a U.S. since a country’s “industrial age” formula would force Apple to compensate 40 percent taxation to pierce that income home.

Critics have prolonged targeted Apple for a income practices. An October report from Citizens for Tax Justice suggested Apple keeps some-more of a increase offshore than Google and Microsoft combined. Apple binds $181.1 billion in taxable income overseas, by distant a top volume any U.S. association binds outward a country.

Cook pronounced that two-thirds of a company’s income comes from unfamiliar countries and a association keeps that income in a unfamiliar subsidiaries. He pounded members of Congress who suggested a use is partial of a intrigue to equivocate profitable tax. ”That is sum domestic crap. There is no law behind it. Apple pays each taxation dollar we owe,” he said. “We compensate some-more taxes in this nation than anyone.” 

The Citizens for Tax Justice investigate showed Apple would owe $59.2 billion in taxes were it to pierce a income abroad to a U.S..

The CEO also slammed a taxation code, observant that it was no longer applicable to a needs of today’s world. “This is a taxation code, Charlie, that was finished for a industrial age, not a digital age,” he said. “It’s backwards. It’s awful for America. It should have been bound many years ago. It’s past time to get it done.”

It’s not a initial time Cook has criticized a taxation code. In a May 2013 Senate hearing, Cook pronounced that he would like to pierce Apple’s income behind to a U.S., though a high house taxation means it would not be value it.

Article source: http://www.ibtimes.com/apple-ceo-tim-cook-slams-industrial-age-tax-code-calls-avoidance-accusations-2232769

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