Tim Cook, Apple’s CEO, has just shot back at critics over the tech giant’s strategy to avoid paying U.S. taxes. Apple has been labeled a “tax dodger” by critics.
Cook told The Washington Post in an interview that the company would not bring that money back from abroad unless there was a “fair rate.”
The U.S. has a corporate tax rate of 35%, and is among the highest in the developed world.
According to the nonprofit Citizens for Tax Justice, they estimate that big companies have parked more than $2 trillion offshore,which is subject to more favorable tax rates.
Cook has defended their strategy by saying, “The tax law right now says we can keep that [profit] in Ireland or we can bring it back.”
“It is the current tax law. It’s not a matter of being patriotic or not patriotic,” he told The Post. “It doesn’t go that the more you pay, the more patriotic you are.”
Disclaimer: We have no position in Apple Inc. (NASDAQ: AAPL) and have not been compensated for this article.