Apple CEO Tim Cook: When it comes to Apple Inc. (NASDAQ:AAPL) overseas business practices, many people often times find it easy to take shots at Cupertino. While the company has caught a lot of heat for a variety of reasons, CEO Tim Cook is serious about letting people know that its tax practices are 100 percent legal.
As noted by Politico.com, Apple is facing a growing amount of scrutiny for its decision to stash “more than $100 billion overseas.”
While some may see this as a big problem, Apple Inc. (NASDAQ:AAPL) views it as an opportunity to legally save money. And that is exactly what the company is doing.
However, Tim Cook is taking things one-step further. He is personally heading to Washington to testify before a panel of senators regarding the company’s tax practices. This is an interesting move for a company that doesn’t have much of a presence in Washington.
In a recent interview with POLITICO, Cook added the following:
“We don’t have a large presence in Washington, as you probably know, but we care deeply about public policy and believe creative policy can be a huge catalyst for a better society and a stronger economy.”
It is refreshing to see a CEO, such as Apple Inc. (NASDAQ:AAPL)’s Cook, get out there and explain what is going on.
In addition to saying “we pay taxes on all the products we sell in the U.S., and we pay every dollar that we owe,” Cook went on to add that the company is actually trying to bring business back to the United States.
He has been vocal in a $100 million investment that the company is making in domestic manufacturing. Apple is going to produce “a new version of a current Mac product later this year.” Best yet, it is going to be manufactured in the United States.
Cook mentioned a variety of states that will be part of the project, including Arizona, Texas, and Florida among others.
This is a big change for Apple Inc. (NASDAQ:AAPL), as most are aware that the company outsources quite a bit of its production to overseas facilities.
While some continue to fight against Apple, believing that the company is stashing cash offshore, CEO Tim Cook is firing back with hopes of showing that it is doing everything the right way.
We will keep you updated on this story as more information becomes available.
How do you feel about Apple Inc. (NASDAQ:AAPL) putting so much money into domestic manufacturing?
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