Quoted: on Apple and offshoring profit to avoid taxes

“I think it’s important to make clear the admiration we have for Apple, the incredible changes Apple has caused in our lives. However… Apple is one of the biggest tax avoiders in America.”

Sen. John McCain, R-Ariz., during a Senate subcommittee hearing Tuesday morning about shifting profit offshore, where Apple CEO Tim Cook was scheduled to testify after the politicians had their say. For his part, Sen. Rand Paul, R-Ky., said he was “offended” that the “great American success story” that is Apple was “dragged” to the hearing. The Merc’s Troy Wolverton wrote that one report released Monday “suggests that Apple has paid virtually no taxes on the $102 billion in overseas cash it held at the end of March.” Follow the Mercury News’ live blog here.

 

Photo of John McCain from Getty Images

Levi Sumagaysay Levi Sumagaysay (4039 Posts)

Levi Sumagaysay is editor of the combined SiliconBeat and Good Morning Silicon Valley. She also helps take care of SiliconValley.com, the Mercury News tech website. Email: lsumagaysay (at) bayareanewsgroup (dot-com).