Apple vs. the Tax Code
Apple CEO Tim Cook appeared before the Senate investigations subcommittee Tuesday to answer charges that Apple was avoiding taxes by opening (legally) off-shore shell offices in order to effectively lower their corporate tax rate to 20 percent. During the hearing Kentucky Republican Sen. Rand Paul attacked his colleagues for staging the hearing, calling on the committee to apologize to Apple.
"Tell me one of these politicians up here who doesn't minimize their taxes," Paul said. "Tell me what Apple's done that's illegal... I'm offended by the spectacle of dragging in American companies for doing something that isn't illegal."
"Money goes where it's welcome. Currently, our tax code makes money not welcome in this country," Paul said at the end of his remarks.
TheHill reports that the subcommittee released a report on Monday that found Apple has avoided billions of dollars in taxes in recent years through a network of offshore shell companies.
The Apple hearing and Paul's remarks have once again brought the issue of tax reform to the table. On 'Real News' Wednesday the panel was joined by Sen.Mike Lee to discuss reforming the tax code and why its current formula leads to inefficiency and scandal, like what has been revealed over the last week with IRS offices targeting organizations for exempt status or audit based on their political leanings.
