Sen. Carl Levin was aghast.
Before his committee sat, unapologetic and uncontrite, Apple CEO Tim Cook, whose company had paid no U.S. corporate income taxes on the $74 billion it had earned abroad in recent years.
“Apple has sought the Holy Grail of tax avoidance,” said Levin. “Apple has exploited an absurdity.”
Actually, Apple had done nothing wrong, except hire some crack accountants who chose Ireland’s County Cork as the headquarters of their international division. Thus Apple paid on profits earned outside the U.S.A. nothing but a 2 percent tax imposed by the Irish government.
Far from being condemned, Apple’s CPAs ought to be inducted into the Accountants Hall of Fame.
Read More at Human Events . By Patrick J. Buchanan.
Photo Credit: 401K 2012 (Creative Commons)