Apple CEO Tim Cook was in Washington yesterday before a Senate investigative committee that wanted to know why the company avoided more than $74 billion by employing a string of subsidiaries around the globe.
The committee said that some of these subsidiaries, which were located in tax-favourable locations such as Ireland, had zero employees, and were effectively run from the company’s headquarters in Cupertino.
Still, no one has gone as far as to accuse Apple of breaking any laws, and Cook insisted the company had done nothing wrong.
“We not only comply with the laws, but we comply with the spirit of the laws, he said.
One noted participant rushed to Cook’s defense.
“Frankly, I’m offended by the tone and tenor of this hearing,” said Kentucky Senator Rand Paul, who later tweeted “Apple has done more to enrich people’s lives than politicians will ever do,” adding: “If there is anyone to blame here it is not Apple, it is Congress and the tax code it created.”
About The Author /
Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.
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