Senator John McCain: Apple Is Cheating The U.S.A. In Taxes

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Senator John McCain just laid out his case against Apple in Washington D.C. in a Senate hearing about Apple’s tax rates, and he’s out for blood.

According to McCain, although 95% of Apple’s research and development happens in the USA, they funnel most of their profits through overseas entities that are not tax residents in any country in the world.

Ireland is a big target for McCain here. Ireland has long had liberal tax policies in an attempt to attract foreign companies, but McCain says that Apple paid less than $10 million in taxes on $22 billion in earnings in Ireland, a tax rate of less than 1.20th of 1%.

Apple To Be Grilled By U.S. Senate On “Extensive Tax-Avoidance Strategies” At Hearing Tomorrow

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Apple CEO Tim Cook is scheduled to appear before the U.S. Senate Permanent Subcommittee tomorrow as part of a probe into tax evasion strategies among American corporations. Apple released its official testimony for the hearing earlier today, noting that is is one of the biggest taxpayers in the country.

Among the witnesses tomorrow will be Apple executives, Democratic Senator Carl Levin of Michigan, Republican Senator John McCain of Arizona, and members of the Treasury Department. “The subcommittee will spotlight Apple’s extensive tax-avoidance strategies,” according to Levin.

Tim Cook Defends Apple’s Offshore Cash Hoard Before Senate Hearing

From Tim Cook to Jony Ive,
From Tim Cook to Jony Ive,

Tim Cook is going to Washington to testify before a Senate committee next week, but the Apple CEO is pulling a rare move for the company and going on the offensive early by giving media interviews to explain its position.

During an interview with Politico, Cook addressed the controversy surrounding Apple’s cash hoard by explaining where its offshore cash comes from, how Apple plans to bring more manufacturing jobs back to the U.S., and why the company will push for policy change in Washington: 

Senate Summons Apple’s Tim Cook To Testify On Storing Cash Overseas To Avoid Taxes

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Apple has fallen under plenty of scrutiny for storing a majority of its $100+ billion cash horde overseas to avoid paying U.S. corporate taxes, the highest tax rate in the world. Now Apple CEO Tim Cook has been summoned to speak at a Senate hearing next week as part of an investigation into the offshore tax practices of U.S businesses.

Seven Reasons Business Travelers Need An iPhone Expense App

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Traveling for business? Don't forget to pack an expense tracker app.
Traveling for business? Don't forget to pack an expense tracker app.

Traveling for business is a lot different from taking a vacation. While you may get to experience far off cities, meet new people, and have some genuine fun on a business trip, you’ll also need to work, worry about delays that could make you miss critical meetings, ensure you leave your hotel room looking your most presentable, and keep track of every expense related to the trip.

Of those stress factors, tracking expenses so that you can submit them for reimbursement or explain charges you make to a company credit card may not seem the most stressful. The majority of the time it isn’t (unless you lose some big-ticket receipts or have unusual charges to justify). It is, however, often tedious drudgery that is prone to human error and mistakes.

There are many iOS expense tracking apps out there and there are some very good reasons to invest in one of them.