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Cook hits back at tax critics, says Apple pays its fair shareApple CEO Tim Cook offers impassioned rejoinder to critics claiming the company uses gimmicks and tax loopholes.
-You swear that the testimony you're about to give will be the truth, the whole truth and nothing but the truth, so help you God. -I do, so help me God. -We pay all of the taxes we owe every single dollar. We not only comply with the laws, but we comply with the spirit of the laws. We don't depend on tax gimmicks. We don't move intellectual property offshore and use it to sell our products back to the United States to avoid taxes. We don't stash money on some Caribbean Island. Unfortunately, the tax code has not kept up with the digital age. We recommend a dramatic simplification of the corporate tax code. This reform should be revenue neutral, eliminate all corporate tax expenditures, lower corporate income tax rates and implement a reasonable tax on foreign earnings that allows the free flow of capital back to the United States. -Can you understand there's a perception of unfair advantage here, Mr. Cook? -Sir, I see this is a very complex topic that-- I'm glad that we're having the discussion. But I honestly speaking, I don't see it as being unfair. I'm not an unfair person. That's not who we are as a company or who I am as an individual. And-- so I would not preside over that, honestly. I don't see it in that way. -I thank you. I'm out of time. What I really wanted to ask you, is why the hell I have to keep updating apps on my iPhone overtime? And why you don't fix that? I thank you Mr. Chairman. -Sir, we're trying to make them better all the time. -Thank you. We have--