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Apple pays no tax on much of its overseas income, Senate panel finds


Apple’s Tim Cook will make his debut testifying before Congress on Tuesday, when the chief executive will press lawmakers to simplify corporate taxes as well as defend the company’s tax practices.

Cook will appear before the Senate Homeland Security subcommittee on investigations, which is looking into what it calls “the structures and methods employed by multinational corporations to shift profits offshore” and how that affects taxes paid. Read hearing announcement and witness list.

Last year, a New York Times report described how Apple AAPL -0.61% uses subsidiaries in countries with lower taxes including Ireland and the Netherlands to cut its tax bill.

Read more:

http://blogs.marketwatch.com/election/2013/05/20/apples-cook-to-press-congress-for-tax-changes-in-debut-on-the-hill/

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