Apple Shelters Billions of Income From Taxes

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(Newswire.net — May 22, 2013) Washington D.C. — On Monday a U.S. Senate subcommittee investigation revealed that Apple used a complex web of offshore entities, many being Ireland based corporate subsidiaries, to channel billions of dollars of over seas sales through these companies.

Apple designated the entities as unlimited companies, which means it does not have to publish annual accounts, so the subcommittee report was the first time the structure has been publicly revealed.

Tuesday Apple’s CEO Tim Cook will testify to prove the allegations are false that the company paid no taxes on overseas income.

Apple released a statement saying “ the U.S. tax system has not kept pace with the advent of the digital age and rapidly changing global economy” and that the company has paid “an extraordinary amount in U.S. Taxes.” Apple says the units were not designed to avoid taxes, but because the company sells 61% of its products outside the U.S.

For 2012 Apple paid and estimated $6 billion on U.S. Income but Senate investigators are estimating it avoided paying an additional $9 billion on its global income.

Senator John McCain (R-AZ) said “Apple executives like to boast that their company is the highest corporate taxpayer in the U.S…. but what they often leave out of the story is the second part of the story, and that is that Apple is one of the largest corporate tax avoiders.”

Wikipedia: Apple Inc., formerly Apple Computer, Inc., is an American multinational corporation headquartered in Cupertino, California that designs, develops, and sells consumer electronics, computer software and personal computers. Its best-known hardware products are the Mac line of computers, the iPod music player, the iPhone smartphone, and the iPad tablet computer. Apple is the world’s second-largest information technology company by revenue after Samsung Electronics, and the world’s third-largest mobile phone maker after Samsung and Nokia. Fortune magazine named Apple the most admired company in the United States in 2008, and in the world from 2008 to 2012

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Steve Shelley

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