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Old May 21, 2013, 08:44 AM   #1
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Apple CEO Tim Cook and CFO Peter Oppenheimer Testify In Front of Senate Committee on Tax Strategies [Hearing Over]




After jostling in competing memoranda yesterday, Apple and a group of U.S. Senators are prepared to go head-to-head in a committee hearing examining the tax avoidance strategies of Apple and other multinational corporations.

CEO Tim Cook, CFO Peter Oppenheimer, and Apple's head of tax operations Phillip A. Bullock will appear in front of the U.S. Senate Permanent Subcommittee on Investigation in the second part of a committee hearing running now.

The hearing is streaming live on the subcommittee's website and below. We will be liveblogging the hearing at the bottom of this post.

Update: iOS users can view the hearing at NBCNews.

Apple yesterday released a statement laying out some of its international operations and financial strategies, noting that it paid $6 billion in federal income tax in 2012 and that it has created hundreds of thousands of jobs in the United States.

A bipartisan group of Senators responded with a statement of its own, accusing Apple of using several offshore subsidiaries to avoid paying income taxes. Said Senator Carl Levin (D-MI), "Apple sought the Holy Grail of tax avoidance. It has created offshore entities holding tens of billions of dollars, while claiming to be tax resident nowhere."

Earlier today, the Irish government -- where a number of Apple's subsidiaries are headquartered -- said that it was not responsible for the tax rates Apple pays in other countries and that its system was transparent.

Liveblog

Click here to read rest of article...

Article Link: Apple CEO Tim Cook and CFO Peter Oppenheimer Testify In Front of Senate Committee on Tax Strategies [Hearing Over]
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Old May 21, 2013, 08:46 AM   #2
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Here. We. Go.

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Old May 21, 2013, 08:48 AM   #3
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Old May 21, 2013, 08:49 AM   #4
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Another colossal waste of taxpayer money. Rather than hold hearings that amount to little more than political posturing, the lawmakers should actually do their jobs and close the loopholes.
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Old May 21, 2013, 08:49 AM   #5
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Listening to Levin talk is painful. What a drip.
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Old May 21, 2013, 08:49 AM   #6
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Cool story bro. Except tax avoidance is COMPLETELY LEGAL, and practiced by any large firm with common sense.
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Old May 21, 2013, 08:50 AM   #7
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Another colossal waste of taxpayer money. Rather than hold hearings that amount to little more than political posturing, the lawmakers should actually do their jobs and close the loopholes.

GM and Ford will tear Carl Levin a new one before they allow him to close the loopholes
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Old May 21, 2013, 08:53 AM   #8
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These dirty liberals are just drooling at the thought of getting a chunk of that 100 billion. What a shame. This isn't what our founding fathers wanted when they formed this government.
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Old May 21, 2013, 08:54 AM   #9
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Just stop for one minute and think about what's happening. Apple has been summoned to explain themselves for avoiding as much of our government's overbearing tax as possible (in a completely legal way). Our government wants to punish them anyway (or perhaps make an example of them), but since they have committed no crimes, all they can do is smear and harass Apple like this. Insanity. How long can we go on with a government like this?

Last edited by GoldenJoe; May 21, 2013 at 08:59 AM.
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Old May 21, 2013, 08:58 AM   #10
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Not sure what all the fuss is about, Apple is practicing tax avoidance just like every other American company. Levin going one and on about all the bad things that are happening because Apple is not paying the outrageous American taxes.... How politely can Apple say "Up yours?"

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Cool story bro. Except tax avoidance is COMPLETELY LEGAL, and practiced by any large firm with common sense.
Beat me to it.
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Old May 21, 2013, 08:58 AM   #11
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Flash player required? Really?
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Old May 21, 2013, 08:58 AM   #12
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Flash player required? Really?
hahah this is one of the worst video players I've ever seen.
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Old May 21, 2013, 08:58 AM   #13
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just stop for one minute and think about what's happening. Apple has been summoned to explain themselves for avoiding as much of our government's overbearing tax as possible. Our government wants to punish them, but since they have committed no crimes, all they can do is smear and harass apple like this. Insanity.

How long can we go on with a government like this?
+1
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Old May 21, 2013, 09:00 AM   #14
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These dirty liberals are just drooling at the thought of getting a chunk of that 100 billion. What a shame. This isn't what our founding fathers wanted when they formed this government.
Your founding fathers aren't alive anymore and shouldn't determine whom you are. Move with the times and define your own future.
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Old May 21, 2013, 09:01 AM   #15
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These dirty liberals are just drooling at the thought of getting a chunk of that 100 billion. What a shame. This isn't what our founding fathers wanted when they formed this government.
According to you, the republicans are the answer, right?

LOL and LOL
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Old May 21, 2013, 09:02 AM   #16
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I think the tax code should really be redone. No reason Apple should pay income taxes in the country where it made the income and then again to bring it to the US. Only time Apple should pay taxes again is for sales tax. Heck, maybe take away income tax all together and just do sales tax. I'm no economist so I don't know how that'll work, but it might be worth looking into it.

However, I feel people are so focused on maximizing profit nowadays, people & corporations need to really learn how to better themselves & other people more. Apple probably doesn't need all that money just sitting around. Why not pay higher salaries to all its employees (not just executives), invest in better machinery, training, whatever, or other reinvestments?
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Old May 21, 2013, 09:03 AM   #17
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Just stop for a minute and see what's really happening: Apple has not quietly tossed enough money into campaign re-election coffers. As soon as the money changes hands, the "investigation" will shift to others and/or quietly fade away.

AT&T made the same mistake a couple of decades ago, thinking the Gov would never come down on them. So the Gov flexed to teach all a lesson and AT&T is just recently getting itself re-assembled back into approx. the same level of muscle it had back then. What's different now? I bet if there was complete transparency in the books, you'd see that AT&T aggressively contributes to both parties and key campaign coffers. I'm guessing Apple might have a mindset similar to the old AT&T. And this could get bad if they don't figure it out soon.

If the Gov was serious about this problem, the solution is simple: tax money stored out of the country higher than if the companies imported the money and paid the tax. Base the taxation on the accounting reported for Wall Street rather than the set of books prepared for the IRS. If the tax was more expensive on revenues stored overseas than importing the money, it would be imported.

Instead, we just get this public posturing (with, I presume, a shakedown behind the scenes of some politicians trying to "educate" Apple on how things shall work).

Last edited by HobeSoundDarryl; May 21, 2013 at 09:09 AM.
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Old May 21, 2013, 09:03 AM   #18
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Quote:
Originally Posted by 1080p View Post
These dirty liberals are just drooling at the thought of getting a chunk of that 100 billion. What a shame. This isn't what our founding fathers wanted when they formed this government.
I love how Teabaggers and Conservatives use "liberal" like it's a dirty word. I wear it proudly as a badge of honor. At least in the end, I'll know I was on the right side of history when the books are written.

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Just stop for one minute and think about what's happening. The Obama Administration has been summoned to explain themselves for a terrorist attack on our embassy in Benghazi. Teabaggers and Republicans wants to punish them, but since they have committed no crimes, all they can do is smear and harass President Obama like this. Insanity. How long can we go on with a government like this?
Fixed that for you. Funny how if you change just a few words, it describes an entirely different atrocity.
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Old May 21, 2013, 09:04 AM   #19
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According to you, the republicans are the answer, right?

LOL
I call out liberals and i'm not a Republican. I don't see liberals as "dirty". The truth is, this is a tax and spend government (from both parties, mind you) that needs more money.
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Old May 21, 2013, 09:04 AM   #20
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This oughta be interesting.
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Old May 21, 2013, 09:04 AM   #21
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There we go! McCain with the 100B dollar in cash mention
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Old May 21, 2013, 09:05 AM   #22
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Originally Posted by GoldenJoe View Post
Just stop for one minute and think about what's happening. Apple has been summoned to explain themselves for avoiding as much of our government's overbearing tax as possible (in a completely legal way). Our government wants to punish them anyway (or perhaps make an example of them), but since they have committed no crimes, all they can do is smear and harass Apple like this. Insanity. How long can we go on with a government like this?
Ok, so Apple isn't doing anything illegal. Neither is the government. Just sayin', since it's such a focus on legal and illegal here! How about letting some ****ing moral lead the way instead. Why do everyone have to be an ass in this world, as long as the law allows it?
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Old May 21, 2013, 09:05 AM   #23
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Ugh. So glad THIS is what is setting the stage

"Levin says domestic companies that are not in a position to offshore their tax burden are at a competitive disadvantage. He accuses Apple of being partially responsible for the sequester and other budget cuts because of its tax avoidance strategies."

HOW? Apple, as far as I know, DID NOT submit the idea to the POTUS, who then SIGNED IT INTO LAW!!!

Morons
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Old May 21, 2013, 09:06 AM   #24
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These dirty liberals are just drooling at the thought of getting a chunk of that 100 billion. What a shame. This isn't what our founding fathers wanted when they formed this government.
From the article: "A bipartisan group of Senators"

But nice job running into an article, shouting whatever political ideology you probably developed in fourth grade, and running out.
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Old May 21, 2013, 09:06 AM   #25
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These dirty liberals are just drooling at the thought of getting a chunk of that 100 billion. What a shame. This isn't what our founding fathers wanted when they formed this government.
And there are no conservatives on the committee? There sure are.
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