Apple Avoided Paying Billions in Taxes

Senate investigators have found that Apple avoided paying taxes on "tens of billions" of dollars over the past four years by taking advantage of U.S. and Irish tax loopholes.

The Senate's Permanent Subcommittee on Investigations (which will outlive the Union) presents its full findings today. Apple CEO Tim Cooke will testify and supposedly make recommendations to the Senate as to how the U.S. can stop losing tax revenue from massive corporations looking to skip out on paying taxes (Cook's advice will probably be along the lines of, tax us less, or even better, don't tax us at all).

Apple didn't pay taxes (to any country) on a whopping $74 billion over the past four years, after setting up a subsidiary in Ireland that controls its entire international operation.

According to the Wall Street Journal, "Irish tax law only considers companies residents of the small European country if they are managed and controlled there, and Apple manages them from the U.S."

Effectively, Apple paid no taxes on its international profits to anyone. And they didn't break any laws while doing it.

In a statement Monday, Apple said that it "welcomes an objective examination of the U.S. corporate tax system, which has not kept pace with the advent of the digital age and the rapidly changing global economy."

Apple welcomes your feeble attempts to try to get them to pay taxes.