Two senators on Tuesday plan to grill Apple CEO Tim Cook about the company's tax practices, which they say cheat the US out of billions of dollars. Apple says it's playing within the rules.
While technology giants like Apple are esteemed by the public for their role as innovative engines of America’s economy, two influential senators will grill the tech giant Tuesday for what they see as a less sterling part of its resume: tax avoidance.
Sens. Carl Levin (D) of Michigan and John McCain (R) of Arizona will put Apple CEO Tim Cook to a congressional roasting before their Senate Permanent Subcommittee on Investigations, alleging that the company shielded as much as $10 billion in profits per year through creative accounting measures which, while legal, violate the spirit of American tax law.
Apple’s tax moves are “right at the top of the list of creative tax gimmicks,” Senator Levin told reporters Monday. “I had never seen anything like this, and we don’t know anybody who has seen anything like this.”
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