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”).
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.”
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
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