US Senate Accuses Apple Of Tax Evasion

US Senate Accuses Apple Of Tax Evasion

Yesterday, the US Senate formally unveiled a report that claims Apple is guilty of billion of dollars in tax evasion. Reportedly, the company has three subsidiaries based in Ireland that claimed billions of dollars in revenue over the last several years, yet paid only miniscule taxes. Former presidential candidate John McCain was quoted as saying, “Apple should not be shifting its profits overseas to avoid the payment of U.S. tax, purposefully depriving the American people of revenue.”

Apple insists that these allegations are false claiming they have always paid the appropriate taxes for income earned in the US. Last year, Apple paid over $6 billion is US taxes and is expected to pay around $7 billion in 2013. Apple CEO Tim Cook, along with CFO Peter Oppenheimer, will testify before the Senate at a hearing taking place today.

About the Author

avatar KALE: A geek who works in the IT Security field and lives in Dallas, TX. He is also a music geek who has played in several local bands. Previous to his IT career, Kale worked as a photojournalist. He brings technical advice and artistic counterpoint to the podcast.