Apple CEO Tim Cook is not happy about people calling him a “tax avoider,” and thinks the current US tax code on foreign income is broken. During an interview with “60 Minutes,”
Cook got uncharacteristically rattled by questions accusing Apple of hoarding billions of dollars overseas in order to allegedly dodge higher corporate tax rates in the U.S.
“We pay more taxes in this country than anyone,” Cook said, while acknowledging that that should be the case since Apple is the most profitable company in the US. Cook said he’d love to bring back some of the cash to the U.S., but it wouldn’t make sense under the current tax code. “It would cost me 40% [taxes] to bring it home. And I don’t think that’s a reasonable thing to do,” he said. Cook continued, “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.”