taxes

Cook hits back at tax critics, says Apple pays its fair share

Last updated at 10:33 a.m. PT.

After stewing in silence for a couple of hours as a parade of senators and professional experts took turns portraying his company as a tax freeloader, CEO Tim Cook offered an impassioned defense of Apple as a solid corporate citizen.

Apple has become the largest corporate income tax payer in America," Cook told the Senate Permanent Subcommittee on Investigations on Tuesday. He added that last year the company paid almost $6 billion in cash to the U.S. Treasury, or more than $16 million per day.

He said Apple pays "… Read more

Lawmakers lambaste Apple's tax strategy as 'an absurdity'

Apple came in for a bipartisan beating on Tuesday as senators portrayed the company as a global tax avoider which exploited loopholes in the system to escape paying its fair share.

Apple CEO Tim Cook is scheduled to appear this morning before the Senate's Permanent Subcommittee on Investigations. But before then, he had to listen in silence as the leading Democrat and Republican lambasted Apple for working the system in a way they said was unfair, if not unpatriotic.

Michigan Democrat Carl Levin, who is chairman of the subcommittee, said that Apple had … Read more

Apple dodged paying billions in taxes, subcommittee says

On the eve of Apple CEO Tim Cook's hearing in front of the Senate's Permanent Subcommittee on Investigations, the subcommittee released a report Monday detailing how it believes the tech giant has avoided paying its fair share of U.S. taxes.

"Apple is an American success story," the report reads. "Today, Apple Inc. maintains more than $102 billion in offshore cash, cash equivalents and marketable securities (cash). Apple executives told the Subcommittee that the company has no intention of returning those funds to the United States unless and until there is a more favorable environment, … Read more

Apple lays out tax plan ahead of congressional hearing

Apple on Monday posted a full testimony the company plans to present to Congress on Tuesday, detailing how and where it pays corporate taxes.

The 16-page document comes a day ahead of when Apple CEO Tim Cook is set to testify before the Senate Permanent Subcommittee on Investigation, which is looking into various tax-avoidance strategies by technology companies.

In its testimony, Apple pitches itself as a job creator, and it notes that it was likely the largest income tax payer in the country last year, paying out "nearly" $6 billion.

"These payments account for $1 in every $… Read more

Tim Cook to propose tax overhaul before Congress

In yet another recent example of Apple's increasing role in Washington politics, CEO Tim Cook reportedly plans to propose a "dramatic simplification" of corporate tax laws before Congress next week -- and is taking to the D.C. press to argue his case.

At a hearing on May 21 before the Senate Permanent Subcommittee on Investigation, which CNET learned about last night, Cook says he will present proposals aimed at "encouraging companies to bring back foreign earnings to the United States and invest that money into creating jobs, as well as research and development," according … Read more

Apple target of Senate probe into offshore tax practices

Apple will reportedly be the subject of a Senate hearing next week into U.S. companies' offshore tax practices.

Apple CEO Tim Cook is expected to testify Tuesday before the Senate Permanent Subcommittee on Investigation, according to Politico, which first reported on Apple's involvement at the hearing. The committee has been examining the various tax-avoidance strategies used by companies, including Microsoft and Hewlett-Packard, and how that affects U.S. interests.

Apple recently announced a $17 billion bond plan as part of its shareholder capital returns plan that will save it $9.2 billion in taxes it would have had … Read more

Debate continues over Internet sales tax bill

CNET Update drops it like it's hot:

In this edition of Update:

- Learn how the Internet sales tax bill could change online shopping and how it impacts businesses.

- Master the art of creating a strong password that's easy to remember.

- Get clues on what the next Xbox can do -- and why it might not require a constant Web connection.

- Discover your inner Dogg with the Snoopify photo-editing app, which taps into the latest app-payment trend.

CNET Update delivers the tech news you need in under three minutes. Watch Bridget Carey every afternoon for … Read more

The 404 1,265: Where we build weapons of mass distraction (podcast)

Leaked from today's 404 episode:

- Today I learned Dave Chappelle was in a "Home Improvement" spinoff that was actually made.

- Twelve things that will get you banned on Xbox.

- You won't remember anything, including this article, unless you print it out.

- Senate passes Internet sales tax bill by 2-to-1 margin.… Read more

Senate passes Internet sales tax bill by 2-to-1 margin

The U.S. Senate on Monday approved a controversial bill by more than a 2-to-1 margin that would allow states to levy taxes on Internet purchases.

The Marketplace Fairness Act, which would allow states to require online vendors to collect sales and use tax on certain out-of-state purchases, was approved in a bipartisan vote of 69 to 27. The bill, which already has the support of President Obama, will now move on to the House of Representatives.

If approved, the bill would overturn a 1992 Supreme Court ruling that found out-of-state retailers generally don't have to collect taxes unless … Read more

Internet tax bill targets all digital downloads

Update: The Senate late today passed the bill, sending it to the House.

The U.S. Senate is planning to vote Monday to levy new taxes on mobile app developers, cloud computing services, music and movie downloads, and even people selling collections of WordPress themes.

Senators who are backing the legislation known as S.743 describe it as a way to force out-of-state retailers to collect taxes on physical shipments. Sen. Mike Enzi, R-Wyo., claims his bill will "put local and Main Street retailers on a level playing field with their out-of-state and online counterparts."

What Enzi and … Read more