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



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%.

“In my view, loopholes like these, are harmful in that they allow large corporations huge advantages over domestic companies, who can’t use overseas corporations to lower their domestic burdens,” said McCain.

“The American People will not tolerate it,” McCain continued. “Our tax system is broken and not modern, but I won’t let that excuse be used by Apple to explain why it’s okay for companies to not pay what they owe.”

McCain concluded, “Apple has a negotiated tax rate of less than 2%. They have created loopholes to avoid paying $44 billion in taxes on income. $102 billion of $145 billion of Apple’s cash on hand is overseas. It’s time for Apple to reinvest in America.”

Tim Cook is expected to offer testimony shortly. We’ll see what he says to all of this.

  • FriarNurgle
  • Jdsonice

    I’ll leave this here:

    Excellent data for the dumbo’s in the Senate to read – that is if they participate in such logically activity. Thanks for sharing.

  • Jack Gnasty

    John McCain is cheating the United States of good leadership.

  • RobGcf

    John McCain is more than a RINO, he’s a freakin’ traitor. To claim to be a conservative and accuse a company such as Apple of tax evasion, especially when it’s his government’s own laws that are responsible for it, is absurd. I wish the guy would lose the next election and go the hell away.

  • MrsCleaver

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

    And John McCain has been cheating America for decades, trying to make everyone believe he’s a patriot. There is no proof he was even in Vietnam, much less in the Hanoi Hilton. Every photo and video looks like staged propaganda to me. This is not to take denigrate or take ANYTHING away from the Vietnamese war vets and heroes. I’ve just never been sure he one of them.

    McCain is still fighting wars that can never be won, and is now taking on Apple in another silly move to prove himself relevant. He’s not, and should have resigned from Congress a long time ago.

    If McCain-Feingold had ever passed and reduced the madness of political spending, I might give him some credence. As it is, he’s just a blowhard, and another obstructionist. Wonder what kind of phone and computer he uses.

    Flames ignored on this one. It’s just my opinion.