$100 Billion in Tax Revenue Lost Every Year Due to Loopholes for Multinationals
On Sunday, Apple CEO Tim Cook appeared on CBS's 60 Minutes and defended the world's largest corporation's record of sheltering profit overseas to avoid U.S. taxes. Interviewer Charlie Rose questioned Cook if Apple is engaged in, quote-unquote, a sophisticated scheme to pay little or no corporate taxes on $74 billion of revenue overseas. Here's how Cook responded. TIM COOK: That is total political crap. There's no truth behind it. Apple pays every tax dollar we owe.