Apple's CEO is disputing assertions by a Senate panel that the company avoids billions of dollars in US taxes by shifting profits to foreign affiliates, AP reported. Tim Cook testified at a hearing on Tuesday by the Senate Permanent Subcommittee on Investigations, which released a report on Monday attacking Apple's tax practices.
"We pay all the taxes we owe — every single dollar," Cook said. "We don't depend on tax gimmicks." Cook, who is more accustomed to commanding a stage in front of investors and techies than facing a congressional committee, took a defensive tone with his opening statement. He punched out words when stressing the 600,000 jobs that the company supports while adding that Apple is the nation's largest corporate taxpayer. Cook advocated an overhaul of the US tax code.
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