Giant technology firm Apple is paying billions of dollars less than it should in U.S. taxes each year, according to a report by the Senate Permanent Subcommittee on Investigations. In a hearing Tuesday in Washington, D.C., Apple CEO Tim Cook will defend the company.
The subcommittee's report says Apple avoids the tax payments mainly by shifting profits to three subsidiary companies in Ireland. The investigation found Apple is taking advantage of technicalities in U.S. and Irish tax laws to avoid paying any tax on a huge portion of its profits.
It turns out that the desire to speak with Apple CEO Tim Cook, along with $610,000, will buy you a cup of coffee. That's the winning bid offered in a charity auction for up to an hour of Cook's time.
As we reported last month, the chance to grab coffee with Cook at Apple's headquarters zoomed past the suggested value of $50,000 set at the Charitybuzz auction site, rising to more than $600,000 in just three days.
NPR's business news starts with a scramble for Apple bonds.
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MONTAGNE: Apple, yesterday, sold $17 billion worth of bonds - which is a new industry record. Apple issued the bonds to take advantage of low interest rates as it prepares to make a payout of $100 billion to shareholders by 2015. Transcript provided by NPR, Copyright NPR.