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rickgrimes
LSU Fan
Member since Jan 2011
2999 posts

Apple CEO and CFO testify in front of Senate Committee on Tax Policy: Excerpts

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Excerpts from the hearing:

quote:

At the beginning of the hearing, Senators are allowed to make whatever opening statements they wish. Senator Rand Paul (R-KY) gave a spirited defense of Apple, saying he was "offended" by the hearing.

"Tell me a politician who is up here and doesn't try to minimize his taxes… Tell me what Apple has done is illegal. I am offended by a government… that convenes a hearing to bully one of America's greatest success stories… If anyone should be on trial here, it should be Congress. I frankly think the committee should apologize to Apple."

Instead of Apple executives, we should have brought in a giant mirror. This problem is solely and completely caused by our tax code. This committee should look in the mirror. "I find it abominable."

We need to apologize to Apple, compliment them for the job creation they're doing, and get on with our job and redo the tax code.


quote:

McCaskill: What would it cost to move out of California or move entirely to Ireland or China? What keeps you from moving on a cost analysis basis?

Cook: We're an American company. We're proud to be an American company. The vast amount of our R&D is in California. We love it there.

McCaskill: It's an intangible?

Cook: It's who we are as people. We're an American company whether we're selling in China or Egypt. We're an American company. It has never entered my mind that we would move to another country. It's beyond my imagination and I have a wild imagination. It's beyond it.


quote:

Levin: And all the profits from Mexico and Canada and Argentina are taxed in the United States. But you made a decision to shift economic value overseas and the result is that most of your profits are not taxed. You're an American company. You're proud of it, we're proud of it. The result of these arrangements is that most of your profit is now in Ireland in these companies that don't exist. Of course we have to change this system. But to change it, we have to understand what is going on. What is going on is a huge loss of revenue to the United States. We've got these corporations that are able to shift profits to places where you don't pay income tax on it. We better understand that if we're going to correct it. That's our purpose here today. To shed a light on that. I hope that purpose has been achieved. We cannot continue a system where the company, a multinational company, is phenomenally as successful as yours and can make a decision, sitting down in 2008 as to where the profits will flow.



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This post was edited on 5/21 at 3:17 pm



TheOcean
Florida State Fan
Member since Aug 2004
32756 posts

re: Apple CEO and CFO testify in front of Senate Committee on Tax Policy: Excerpts
Cook just said that he believes AOI to be practically controlled from the US. Has to be a boom.
This post was edited on 5/21 at 10:59 am


rickgrimes
LSU Fan
Member since Jan 2011
2999 posts

re: Apple CEO and CFO testify in front of Senate Committee on Tax Policy: Excerpts
Mr. Bullock is so nervous.


TheOcean
Florida State Fan
Member since Aug 2004
32756 posts

re: Apple CEO and CFO testify in front of Senate Committee on Tax Policy: Excerpts
Dude is completely out of his element. The chairman smells blood


TheOcean
Florida State Fan
Member since Aug 2004
32756 posts

re: Apple CEO and CFO testify in front of Senate Committee on Tax Policy: Excerpts
70 billion from the subsidiaries. Jesus.


trillhog
Elite Membership
Member since Jul 2011
18772 posts

re: Apple CEO and CFO testify in front of Senate Committee on Tax Policy: Excerpts
this will be interesting, if i was tim cook i'd tell them all to frick off unless you can prove i'm breaking a law.


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TheDiesel
LSU Fan
Houston via Baton Rouge
Member since Feb 2010
2508 posts

re: Apple CEO and CFO testify in front of Senate Committee on Tax Policy: Excerpts
Why is Apple being singled out? have they broken any laws?


TheOcean
Florida State Fan
Member since Aug 2004
32756 posts

re: Apple CEO and CFO testify in front of Senate Committee on Tax Policy: Excerpts
Tax shelters in Ireland to the tune of billions. While those companies are controlled by Apple, Inc. in the US.


TheDiesel
LSU Fan
Houston via Baton Rouge
Member since Feb 2010
2508 posts

re: Apple CEO and CFO testify in front of Senate Committee on Tax Policy: Excerpts
So? Did they break any laws?


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ATL TGR
LSU Fan
Houston
Member since Apr 2008
2878 posts

re: Apple CEO and CFO testify in front of Senate Committee on Tax Policy: Excerpts
Transfer pricing methodologies are always tricky. Every successful international company implements them. No reason to single out Apple except they are saving the most in taxes currently and its made big news


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BigBoyTiger
LSU Fan
Chicago
Member since Aug 2005
8785 posts

re: Apple CEO and CFO testify in front of Senate Committee on Tax Policy: Excerpts
quote:

Tax shelters in Ireland to the tune of billions. While those companies are controlled by Apple, Inc. in the US.




Every corporation does it. It is within the laws of the land. Maybe Congress should address the idiocy that is the tax code instead of trying to single people out.


Vols&Shaft83
Tennessee Fan
Throbbing Member
Member since Dec 2012
27342 posts

re: Apple CEO and CFO testify in front of Senate Committee on Tax Policy: Excerpts
Cliff notes?


trillhog
Elite Membership
Member since Jul 2011
18772 posts

re: Apple CEO and CFO testify in front of Senate Committee on Tax Policy: Excerpts
quote:

Every corporation does it. It is within the laws of the land. Maybe Congress should address the idiocy that is the tax code instead of trying to single people out.


i can't even believe they have the nerve to call somebody to the carpet, if you can't fix the tax laws then that's your problem not the companies.
This post was edited on 5/21 at 11:12 am


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LSURussian
LSU Fan
Member since Feb 2005
85178 posts
Online

re: Apple CEO and CFO testify in front of Senate Committee on Tax Policy: Excerpts
quote:

Congress should address the idiocy that is the tax code instead of trying to single people out.


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TheOcean
Florida State Fan
Member since Aug 2004
32756 posts

re: Apple CEO and CFO testify in front of Senate Committee on Tax Policy: Excerpts
Mccain grilling Cook.


TheDiesel
LSU Fan
Houston via Baton Rouge
Member since Feb 2010
2508 posts

re: Apple CEO and CFO testify in front of Senate Committee on Tax Policy: Excerpts
If they are breaking no laws, why are they having to testify in front of a congressional panel?

eta: How is Mccain "grilling" him? The only argument he has made is that Apple has an "unfair" advantage to smaller companies or whatever heartstring he is trying to pull on.
This post was edited on 5/21 at 11:14 am


trillhog
Elite Membership
Member since Jul 2011
18772 posts

re: Apple CEO and CFO testify in front of Senate Committee on Tax Policy: Excerpts
i would like to know this too.


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TheOcean
Florida State Fan
Member since Aug 2004
32756 posts

re: Apple CEO and CFO testify in front of Senate Committee on Tax Policy: Excerpts
I'm not a tax expert, but I'm guessing the major issue is how much control Apple, Inc exerts over their subsidiaries in foreign Countries. Ireland basically said that the Apple subsidiaries are 100% controlled by Apple, Inc and they should be paying US income taxes on the gross profits. I believe that's why the hearings are going on.


Duck
LSU Fan
Member since Dec 2006
325 posts

re: Apple CEO and CFO testify in front of Senate Committee on Tax Policy: Excerpts
quote:

If they are breaking no laws, why are they having to testify in front of a congressional panel?


I believe that Tim Cook wanted to testify. Apple would love for the tax code to be simplified and their not to be a 35% tax on repatriated earnings. Apple can look forward to the massive piles of money that they are going to have stuck over seas and hopes for some kind of tax reform.


BigBoyTiger
LSU Fan
Chicago
Member since Aug 2005
8785 posts

re: Apple CEO and CFO testify in front of Senate Committee on Tax Policy: Excerpts
quote:

I'm not a tax expert, but I'm guessing the major issue is how much control Apple, Inc exerts over their subsidiaries in foreign Countries. Ireland basically said that the Apple subsidiaries are 100% controlled by Apple, Inc and they should be paying US income taxes on the gross profits. I believe that's why the hearings are going on.


Google....does the same thing.

Cisco....does the same thing.

Pfizer...does the same thing.

Because Ireland has super low corporate taxes.


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