Cook talks Apple’s taxes ahead of Senate testimony

Apple CEO Tim Cook has spoken out on the company’s tax practices prior to his scheduled testimony at a Senate hearing next Tuesday. Under pressure over Apple keeping more than $100 billion overseas, Cook told Politico that the company has acted legally. “I can tell you unequivocally Apple does not funnel its domestic profits overseas,” said Cook, “We don’t do that. We pay taxes on all the products we sell in the U.S., and we pay every dollar that we owe. And so I’d like to be really clear on that.” Like many companies, Apple allegedly keeps money overseas to avoid paying high U.S. taxes. Cook noted that Apple is one of the largest U.S. taxpayers — the company paid almost $6 billion in taxes in the 2012 fiscal year. Interestingly, it’s expected that Cook will share Apple’s ideas for comprehensive tax reform at Tuesday’s testimony. [via Politico]