8 Of The Best Moments And Statements In The Apple Senate Hearing

Apple’s CEO Tim Cook brought it today in the courtroom vs Senator Carl Levin in defending Apples current tax practices. Apple released their written testimony online last night in which they go into detail about their current international business operations in Ireland and tax practices.While Tim Cook kept it cool under oath today, he proved that Apple has more than the luck of the Irish on their side. They are innovators, job creators and a great American company.

1. “We don’t stash Money on some Caribbean Island”- Tim Cook

Apple does not use tax gimmicks. Apple does not move its intellectual property into offshore tax havens and use it to sell products back into the US in order to avoid US tax; it does not use revolving loans from foreign subsidiaries to fund its domestic operations; it does not hold money on a Caribbean island ; and it does not have a bank account in the Cayman Islands. Apple has substantial foreign cash because it sells the majority of its products outside the US. International operations accounted for 61% of Apple’s revenue last year and two-thirds of its revenue last quarter. These foreign earnings are taxed in the jurisdiction where they are earned (“foreign, post-tax income”).

-http://www.apple.com/pr/pdf/Apple_Testimony_to_PSI.pdf

2. “I am pleased with the process, I hope we have tax reform.” - Tim Cook

Actually according to Apples online testimony “Apple welcomes an objective examination of the US corporate tax system, which has not kept pace with the advent of the digital age and the rapidly changing global economy. The Company supports comprehensive tax reform as a necessary step to promote growth and enable American multinational companies to remain competitive with their foreign counterparts in both domestic and international markets.”

3. John McCain regarding Apples App Store…

There was a brief stop in grilling as Senator John McCain made a joke to Tim Cook.

4. Well Speaking of Apples App Store “We estimate that the App Store has developed over 300,000 jobs in the U.S … None of that activity was there five years ago.”-Tim Cook

5. “We’re proud that most of our design and innovation is in the United States. All of the profits from products we sell in the US are paid taxes in the U.S. We don’t depend on tax gimmicks.”- Tim Cook

http://www.bbc.co.uk/news/business-22615146

6. “We pay all the taxes we owe. Every single dollar”- Tim Cook

7. Apple paid ” $1 in every $40 in corporate income tax the US Treasury collected last year” to be exact .

Apple also states that even thought it is being question on there tax principles they are likely one of the largest corporate income tax pay in the US

8. “Wherever we are, we’re an American company,”

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