Senate report: Apple using shell companies to dodge taxes

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The Hill:

 

Apple has funneled money through three offshore companies to dodge billions in taxes, according to a Senate report released on Monday.

The report from the Senate Permanent Subcommittee on Investigations found Apple's three subsidiaries had no official tax residence, meaning they paid little or no taxes to any government.

“Apple sought the Holy Grail of tax avoidance,” Sen. Carl Levin (D-Mich.), the panel’s chairman, said. "It created offshore entities holding tens of billions of dollars, while claiming that it was a tax resident nowhere.”

Sen. John McCain (R-Ariz.), the subcommittee's ranking member, accused Apple of being “among America's largest tax avoiders.”

“A company that found remarkable success by harnessing American ingenuity and the opportunities afforded by the U.S. economy should not be shifting its profits overseas to avoid the payment of U.S. tax, purposefully depriving the American people of revenue,” he said.