Apple CEO Tim Cook is clearly not happy with claims made by politicians and others that the company doesn't pay enough in taxes. In a video preview of a feature on Apple that will be broadcast on Sunday, Dec. 20 on 60 Minutes, Cook tells CBS News' Charlie Rose that such claims are in fact "total political crap".
Cook was viably upset while talking about this subject. He tells Rose that Apple pays more taxes than any other company in the United States. He also explains why so much of Apple's money is kept outside the U.S:
Apple pays more because its makes the most money of any corporation on its ubiquitous products that are best sellers around the world. Two-thirds of Apple's revenue comes from overseas says Cook. Like most U.S. multinational corporations, Apple keeps that overseas income in foreign subsidiaries, to avoid U.S. taxes. He says he would "love to" repatriate it but he can't "because it would cost me 40 percent [in taxes] to bring it home. And I don't think that's a reasonable thing to do," he says. "This is a tax code, Charlie, that was made for the industrial age, not the digital age. It's backwards. It's awful for America. It should have been fixed many years ago. It's past time to get it done."
The 60 Minutes feature is also scheduled to include a tour of Apple's secret product design studio as well as a look at a future design for an Apple retail store.
Source: CBS News