Oh My Gov!

Apple's top brass faced off against a Senate panel today over tax practices that members of Congress claim has robbed the U.S. Treasury of billions in revenue. In lengthy opening statements, Sens. Carl Levin and John McCain, chairman and ranking member ...and more »

Senator John McCain, a critic of wasteful government spending, said Congress should approve disaster aid without any strings attached if budget offsets aren't possible. “I respect Senator Coburn's view,” said McCain, an Arizona Republican. “It's laudable and ...and more »

WASHINGTON - Apple Chief Executive Officer Tim Cook Tuesday defended his company's use of offshore tax shelters before U.S. senators who castigated the most-valuable technology company for avoiding $9 billion and more in payments. "We pay all the taxes we owe - every single dollar," Cook said in testimony today to the Senate Permanent ... Apple has avoided paying taxes on $44 billion in income, said Sen. John McCain of Arizona, the panel's top Republican. He called the company "one of the biggest tax ...and more »

Senator John McCain (R-Ariz.) had just interviewed Cook about the company's profits, but he stopped his line of questioning to ask, "Why the hell do I have to keep updating apps on my iPhone all the time?" Though it was clearly a joke, there are some who ...and more »

It wasn't just Levin who hammered Apple over these tax issues, either. Sen. John McCain (R-AZ) noted that 95 percent of Apple's research and development takes place in the US, with less than 1 percent of it in Ireland. "How is it possible that no tax goes to ...and more »

asked Senator John McCain (R-Arizona). The practice is unquestionably egregious, helping the technology powerhouse to avoid U.S. taxes on some $30 billion in the last four years. But it also appears perfectly legal. So let's be clear: The people who have ...and more »

If anyone should be on trial here, it should be Congress. I frankly think the committee should apologize to Apple." Instead of Apple executives, we should have brought in a giant ... Senator John McCain (R-AZ), asked Cook whether Apple's actions overseas created an unfair advantage for them compared to smaller companies that operate strictly inside the US and cannot create such overseas entities. McCain: If you look at the 35% [corporate] tax burden, that I'm sure we're in agreement is way too high, you said the ...and more »

Former Republican presidential nominee John McCain and Republican presidential wannabe Rand Paul renewed their simmering grudge fest during a high-profile Senate subcommittee hearing on Tuesday morning into Apple's overseas tactics for ... “I think the committee should apologize to Apple, I think Congress should be on trial here for creating a bizarre and byzantine tax code that runs into the tens of thousands of pages and for creating a tax code that simply doesn't compete with the rest of the world.” ...and more »

“It's absurd for Congress to vilify businesses like Apple for wanting to minimize their tax code just like every other American rightly does,” tweeted uber-Libertarian Senator Rand Paul, lashing out at his Senate colleagues for 'dragging' Apple CEO Tim Cook in to ... “The ability to pay taxes of less than 2 percent on all of Apple's offshore income gives the company a powerful financial incentive to engage in convoluted tax planning to avoid paying U.S. taxes,” notes the report from Senators Carl Levin and John McCain of ...and more »

John McCain labeled the company “one of the biggest tax avoiders in America.” Tim Cook Senate testimony taxes But Cook, for his first time offering public testimony before Congress, acquitted himself quite well despite the scolding his company faced, which ...and more »

Senator John McCain, the Republican who ran for the Presidency in 2008, used even harsher rhetoric, saying: “While Apple claims to be the biggest US corporate taxpayer, it is also among America's largest tax avoiders.” Apple's presence in Ireland was a ...and more »

Senator John McCain praised Apple as an American business success story, but he said the company's tax strategy reflected a "flawed" tax system. "For years, Apple has opted to forego fully contributing to the U.S. Treasury and to American society by shifting ...and more »

- Apple CEO Tim Cook calmly defended Apple's tax practices before Congress Tuesday afternoon, denying the company uses overseas "tax gimmicks" to duck its domestic financial obligations. ... Sen. John McCain (R-Ariz.) preempted Cook's claims. “Apple claims to be the largest U.S. corporate taxpayer, but by sheer size and scale, it is also among America's largest tax avoiders," McCain said in an earlier statement. Cook, flanked by Apple CFO Peter Oppenheimer and head of tax operations Phillip Bullock, made a ...and more »

- Sen. John McCain, R-Ariz., offered the first crop insurance amendment Monday, proposing an end to $33 million a year in insurance policies for tobacco farmers. A buyout for tobacco farmers enacted nine years ago is phasing out government payments to tobacco farmers, but many of them still receive crop insurance. "It turns out Joe Camel's ... "It is critical that the Congress pass legislation that provides certainty for rural America and includes needed reforms and savings," the White House said. The Senate passed a ...and more »

Senator Rand Paul tells Congress to stop bullying Apple over taxes While Senators John McCain (R-AZ) and Carl Levin (D-MI) are accusing Apple of using shelters in other countries to avoid paying U.S. taxes, Senator Rand Paul (R-KY) is accusing the ...and more »

In the last four years, Apple has avoided paying taxes on $44 billion in income, said Senator John McCain of Arizona, the panel's top Republican. He called the company “one of the biggest tax avoiders in America.” Three entities set up in Ireland hold 60 ...and more »

After avoiding billions in taxes, Apple CEO seeks more breaksPeople's WorldAs his company hordes $102 billion in overseas profits on which it has paid no taxes, Apple's CEO, Tom Cook, is asking the Senate today for lower corporate tax rates. Cook is testifying in favor of the ... whose ranking GOP member, Sen. John McCain, has described Apple as "one of the largest tax evaders." ... Head Start, cancer research, national defense - there is a long list of functions not being carried forward because in the view of Congress we don't have the revenues to support it." Image: Americans for Tax ...and more »

... result in an increase in Apple's U.S. taxes.” In the last four years, Apple has avoided paying taxes on $44 billion in income, said Senator John McCain of Arizona, the panel's top Republican. He called the company “one of the biggest tax avoiders in America.and more »

Arizona Sen. John McCain, the panel's ranking Republican, praised Apple as a tech giant and major U.S. corporation and taxpayer. But, McCain added, "In my view, Apple has violated at least the spirit (of federal tax laws) if not the letter of the law." However, McCain also said Congress was at fault for not simplifying the tax code. Igniting the hearing's first political flash ... "This problem is solely created by the awful tax code," said Paul, who added that "Congress should be on trial." "What we're talking about is what ...and more »

Chairman Sen. Carl Levin, D-Mich., left, and the subcommittee's ranking Republican Sen. John McCain, R-Ariz., arrive on Capitol Hill this morning. McCain quipped that Apple's tax strategy has given "new meaning" to its old slogan, "Think Different." (AP Photo/J. Scott Applewhite). As Apple CEO ... Despite Apple and other companies employing an “army of over 160 lobbyists” to persuade Congress to pass the Freedom to Invest Act, the bill never made it out of committee. Cook insisted in his prepared remarks that ...and more »

Sen. John McCain isn't satisfied with Apple's defenses, claiming the company "has violated the spirit of the law if not the letter of the law." Sen. Rand Paul has strongly defended Apple. "Congress should be on trial here for creating a byzantine tax code.and more »

"By engaging in these elusive corporate strategies aimed at deferring and reducing tax payments, Apple's tax department has given new meaning to the company's old slogan: 'think different,'" said Senator John McCain (R-AZ.), reading from his prepared testimony ... Levin and McCain are hoping that the hearing will serve as evidence of why the full Congress needs to pass new laws reforming the US tax code — but lawmakers disagree on whether or not it should be stricter or looser. "Instead of Apple executives, we ...and more »

"By engaging in these elusive corporate strategies aimed at deferring and reducing tax payments, Apple's tax department has given new meaning to the company's old slogan: 'think different,'" said Senator John McCain (R-AZ.), reading from his prepared testimony ... Levin and McCain are hoping that the hearing will serve as evidence of why the full Congress needs to pass new laws reforming the US tax code — but lawmakers disagree on whether or not it should be stricter or looser. "Instead of Apple executives, we ...and more »

Apple chief executive Tim Cook will testify to the U.S. Senate Permanent Subcommittee on Investigations later on Tuesday, to explain how his company manages its tax arrangements. While the iPhone and iPad maker claims it does not ... the U.S. over the past four years. Both Apple and Sen. John McCain (R-AZ) believe the situation has come about due to a flawed corporate tax system; the former due to loopholes waiting to be exploited, the latter due to the 35 percent tax imposed on transferring funds to the U.S. ...and more »

FORTUNE -- In subcommittee hearings Tuesday, Senators Carl Levin and John McCain were careful to balance praise for Apple's (AAPL) achievements with outrage over its "convoluted and pernicious" (McCain's words) tax avoidance strategies. Sen. Rand Paul showed no such balance. He lit into his own ... @SenRandPaul: It's absurd for Congress to vilify businesses like Apple for wanting to minimize their tax code just like every other American rightly does. @SenRandPaul: The Senate hauled before a committee ...and more »