Apple, which holds US$102 billion in cash and investments outside the U.S., will suggest changes to corporate tax laws to encourage companies to bring more cash into the country, reports “Bloomberg” (http://tinyurl.com/an63hjh).
In interviews with “The Washington Post” and “Politico,” Apple CEO Tim Cook previewed testimony he will give on May 21 before the Senate Permanent Subcommittee on Investigations, which has been examining companies that use various maneuvers to reduce their tax bills. The current 35% corporate-tax rate is too high for companies to pay when bringing money back from overseas, Cook was quoted as saying by “The Washington Post.” Cook defended Apple’s practices and said the company doesn’t funnel domestic profits overseas, according to his “Politico.”