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The EU wants Apple to pay $14.5 billion in back taxes, and Tim Cook isn't happy about it

The EU says Apple didn't pay enough taxes for profits in Europe, but Apple insists it meets its tax obligations and plans to appeal.

Josh Miller/CNET
Now Playing: Watch this: EU: Apple, you owe $14.5 billion in taxes
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Apple is fighting back after the European Union hit it with a massive $14.5 billion tax bill, with CEO Tim Cook insisting the company "follows the law and we pay all the taxes we owe" in a strongly worded letter addressing the decision. Apple plans to appeal the decision, and Cook suggested the ruling was an overreach by the EU and an attempt to "replace Irish tax laws with a view of what the Commission thinks the law should have been."

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EU: Apple, you owe $14.5 billion in taxes (CNET Update)