Apple's Tim Cook: We're Not Dodging Taxes

Apple's Tim Cook: We're Not Dodging Taxes
Image credit: Reuters | Robert Galbraith
Apple CEO Tim Cook.

Free Book Preview Tax and Legal Playbook

Get game-changing solutions to your small business questions.
2 min read
This story originally appeared on Reuters

Apple Chief Executive Tim Cook dismissed as "total political crap" the notion that the tech giant was avoiding taxes.

Cook's remarks, made on CBS's 60 Minutes show, come amid a debate in the United States over corporations avoiding taxes through techniques such as so-called inversion deals, where a company redomiciles its tax base to another country.

"Apple pays every tax dollar we owe," Cook told 60 Minutes' Charlie Rose in an interview. 

Cook said bringing profits back to the United States would cost him 40 percent. "I don't think that's a reasonable thing to do," he said.

Apple saves billions of dollars in taxes through subsidiaries in Ireland, where it declares much of its overseas profit.

The company holds $181.1 billion in offshore profits, more than any other U.S. company, and would owe an estimated $59.2 billion in taxes if it tried to bring the money back to the United States, a recent study based on SEC filings showed.

The current tax code was made for the industrial age, and not the "digital age," Cook said.

"It's backwards. It's awful for America. It should have been fixed many years ago."

Apple shares were down 1.8 percent at $106.97 in afternoon trading on Friday.

More from Entrepreneur

Our Franchise Advisors are here to help you throughout the entire process of building your franchise organization!
  1. Schedule a FREE one-on-one session with a Franchise Advisor
  2. Choose one of our programs that matches your needs, budget, and timeline
  3. Launch your new franchise organization
Entrepreneur Insider members enjoy exclusive access to business resources for just $5/mo:
  • Premium articles, videos, and webinars
  • An ad-free experience
  • A weekly newsletter
  • Bonus: A FREE 1-year Entrepreneur magazine subscription delivered directly to you
Try a risk-free trial of Entrepreneur’s BIZ PLANNING PLUS powered by LivePlan for 60 days:
  • Get step-by-step guidance for writing your plan
  • Gain inspiration from 500+ sample plans
  • Utilize business and legal templates
  • And much more

Latest on Entrepreneur