Apple’s offshore tax havens come under harsh spotlight

An intriguing and bold statement said by Sen Rand Paul of Kentucky. On one hand he does make sense but on the other it looks like exactly what it does… A sham

FOX6Now.com

NEW YORK (CNNMoney) — Apple’s strategy of avoiding U.S. taxes came under a harsh spotlight on Capitol Hill Tuesday.

Michigan Sen. Carl Levin, chairman of the Senate’s Permanent Subcommittee on Investigations, and ranking member John McCain of Arizona both started the hearing with withering criticism of Apple’s practice of shifting income to Ireland, to avoid paying U.S. taxes.

Levin called the practice a “sham,” while McCain said that Apple’s claims that it did not reduce its U.S. taxes is “demonstrably false.”

“U.S. corporations cannot continue to avoid paying their appropriate share in taxes,” said McCain. “Our military can’t afford it. Our economy cannot endure it. And the American people will not tolerate it.”

The comments came on top of a report released Monday by Levin and McCain detailing Apple’s tax strategy. CEO Tim Cook and other top executives are slated to testify later.

In prepared testimony from the CEO and…

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