Apple lays out tax plan ahead of congressional hearing
Apple has posted a full copy of the testimony it plans to deliver to Congress on Tuesday, with details of its tax reform wish list.
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 $40 in corporate income tax the U.S. Treasury collected last year," Apple said in its statement.
The document also contains a brief outline at how Apple believes the U.S. can simplify its corporate tax system, including the elimination of all corporate tax rates and expenditures, along with the creation of a "reasonable tax on foreign earnings" when companies want to bring that money back to the U.S.
"Apple believes such comprehensive reform would stimulate economic growth," the company said, while noting that "it would likely result in Apple paying more U.S. corporate tax."
Apple has come under scrutiny with its success, which has brought with it a $145 billion pile of cash, more than $100 billion of which is held outside the U.S. To bring it back into the country, Apple would face up to a 35 percent corporate tax rate. To solve part of that issue, the company recently took on debt as part of a $17 billion bond plan that is estimated to save it some $9.2 billion in taxes.
Last week Apple's Cook granted several interviews to outlets like The Washington Post and Politico to discuss some of the information that will be presented on Tuesday. In them, Cook noted the company did not have "a large presence in Washington" but that "creative policy can be a huge catalyst for a better society and a stronger economy."
Apple is just one of several companies being investigated by the subcommittee. Last September the group spoke with Microsoft and Hewlett-Packard. Tuesday's hearing involves Cook, along with Apple CFO Peter Oppenheimer and Apple's head of tax operations Phillip Bullock.
You can read the entire document below: