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Apple CEO Tim Cook is testifying on Capitol Hill today as Senate investigators accuse the tech giant of using a complicated system to shield billions of dollars in overseas profits. CNBC's Eamon Javers has the details.
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Apple CEO Tim Cook is testifying on Capitol Hill today as Senate investigators accuse the tech giant of using a complicated system to shield billions of dollars in overseas profits. CNBC's Eamon Javers has the details.
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Sen. Rob Portman (R-OH) says we have to reform the tax code, and asks Apple CEO Tim Cook about how much money Apple spends on tax compliance efforts.
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Sen. Kelly Ayotte (R-NH) asks Apple's CEO Tim Cook about simplifying the tax code and what it would mean for keeping the U.S. competitive in business.
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*Home Depot raises outlook, shares hit record intraday high. *JPMorgan shares hit highest since February 2001. NEW YORK, May 21- U.S. stocks gained on Tuesday as a record intraday high for Home Depot helped lift the blue-chip Dow, but investors were cautious a day ahead of congressional testimony from Federal Reserve Chairman Ben Bernanke.
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Sen. Claire McCaskill (D-MO) asks Apple's CEO Tim Cook what prevents his company from moving to another country, and Sen. Ron Johnson (R-WI) asks Cook about taxes paid to other countries.
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Senator John McCain (R-AZ) asks Apple CEO Tim Cook whether one could draw the conclusion that Apple has an unfair advantage over domestic-based corporations and companies in the U.S. that don't have the same ability to relocate overseas, and why AOI exists.
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Sen. Carl Levin, (D-MI), questions Tim Cook, Apple CEO, and Phillip Bullock, Apple's head of tax operations about whether income from Apple Sales International and AOI is paid in the United States or Ireland.
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Sen. Carl Levin, (D-MI), swears in Apple's CEO before a Senate committee hearing on tax reform. Cook defends his company's stand on tax repatriation, adding Apple complies with the letter and spirit of the tax law and does not use "tax gimmicks."
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Tim Cook smiled as he arrived to give testimony before a Senate committee, reports CNBC's Eamon Javers. And Sen. Rand Paul (R-KY) and Sen. Carl Levin (D-MI) disagree on whether Congress should apologize for "bullying" one of America's "greatest success stories."
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WASHINGTON, May 21- Apple Inc came under fire on Tuesday at a Senate hearing over an investigation that alleged the U.S. high technology icon has kept billions of dollars in profits in Irish subsidiaries and paid little or no taxes to any government.
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*Home Depot raises outlook, shares jump. NEW YORK, May 21- U.S. stocks were little changed in early trading on Tuesday with Home Depot at a record high and buoying the blue-chips while investors eyed congressional testimony from Fed chairman Ben Bernanke on Wednesday.
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Tim Cook testifies before a Senate panel proposing tax changes that would overhaul the corporate tax code, reports CNBC's Eamon Javers & Jon Fortt. And, Carly Fiorina, former HP chairman & CEO; and William George, Harvard Business School professor, discuss what this means for Apple and other corporations.
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*U.S. Senate subcommittee says Apple paid no tax on $29.9 bln dividends. CORK/ DUBLIN, May 21- Ireland said on Tuesday it was not to blame for Apple Inc's low global tax payments and had no special rate deal with the company after the U.S. Senate said it paid little or no tax on tens of billions of dollars in profits stashed in Irish subsidiaries.
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*Home Depot raises outlook, shares jump. *Goldman Sachs sees S&P 500 at 1,750 by year-end. "Given there's not a lot of economic news coming out today, it looks like we're set up for a pretty' nothing' day," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
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Ireland said on Tuesday it was not to blame for Apple's low global tax payments after the U.S. Senate said the company paid little or nothing on tens of billions of dollars in profits.
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*Home Depot raises outlook, shares jump. *JPMorgan shareholders to decide on Dimon's chairmanship. *The housing market recovery helped Home Depot report higher quarterly sales and earnings, prompting the world's largest home improvement chain to boost its sales outlook for the year.
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David Walker, Comeback America Initiative, explains his plan to reform the nation's tax code which would put the top rate at 25% and broaden the base.
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Tim Cook plans to propose tax changes that encourages firms to bring home more of their offshore funds, reports CNBC's Eamon Javers.
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*U.S. Senate subcommittee says Apple paid no tax on $29.9 bln dividends. DUBLIN, May 21- Ireland said on Tuesday it was not to blame for Apple Inc's low global tax payments after the U.S. Senate said the company paid little or nothing on tens of billions of dollars in profits stashed in Irish subsidiaries.
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WASHINGTON/ SAN FRANCISCO, May 20- Using an unusual global tax structure, Apple Inc has kept billions of dollars in profits in Irish subsidiaries to pay little or no taxes to any government, a U.S. Senate report on the company's offshore tax structure said on Monday.