"Apple employs “offshore tax strategies whose purpose is tax avoidance, pure and simple.” Apple avoids $1 million hourly in taxes, Levin said, linking the shortfall to U.S. government deficits that forced “budget slashing” cuts to meals for seniors and early childhood education through the Head Start program.
Cook and two other executives -- including Chief Financial Officer Peter Oppenheimer -- were to appear before the Permanent Subcommittee on Investigations. The panel led by Levin yesterday released a report saying Apple’s subsidiaries include three entities that have no home country for tax purposes.
“Apple wasn’t satisfied with shifting its profits to a low-tax offshore tax haven,” Levin said at a news conference yesterday. “Apple sought the Holy Grail of tax avoidance. It has created offshore entities holding tens of billions of dollars while claiming to be tax resident nowhere.”