Apple Allegedly Saves Billions Through Tax Shelters

Though Apple has not officially been accused of any wrongdoing yet, congressional investigators have found that the company has avoided paying billions in taxes. This has been done through using tax havens and corporate tax loopholes. Investigators even found that Apple has paid less than their public filings would indicate, saving the company billions of dollars every year from 2009 through 2011.

Apple released a statement by Tim Cook that defends the company. Cook denies charges that Apple used any “tax gimmicks” to avoid paying taxes, and that Apple’s largest subsidies do not help them avoid taxes.

Apple recently announced that they are going to give $100 billion back to shareholders over the next 3 years, but decided to take on debt rather then repatriate the money, which helped avoid repatriation taxes.

This news comes as Tim Cook plans to meet with lawmakers on Tuesday to discuss tax reforms for U.S. businesses, including simplifying tax codes and establishing reasonable taxes on overseas earnings.