PALO ALTO - OCTOBER 27 : In this handout image provided by Apple, Apple store employees greet CEO Tim Cook at the new Apple Store on October 27, 2012 in Palo Alto, California. (Photo by Don Feria/Apple via Getty Images) By Handout
WASHINGTON -- Apple’s CEO is disputing assertions by a Senate panel that the company avoids billions of dollars in U.S. taxes by shifting profits to foreign affiliates.
Tim Cook testified at a hearing Tuesday by the Senate Permanent Subcommittee on Investigations, which released a damning report Monday on Apple’s tax practices.
“We pay all the taxes we owe—every single dollar,” Cook said. “We don’t depend on tax gimmicks.”
Cook, who is more accustomed to commanding a stage in front of investors and techies than facing a congressional committee, took a defensive tone with his opening statement. He punched out words when stressing the 600,000 jobs that the company supports and noting that Apple is the nation’s largest corporate taxpayer. Cook said he advocates an overhaul of the U.S. tax code.