This week, Apple CEO Tim Cook was hauled in to DC to testify about Apple’s low corporate tax rate …
Cook explained that Apple makes a lot of money outside the U.S. … selling products that are made outside the U.S. under licenses held by foreign subsidiaries and sold in non-U.S. countries.
Said simply, no part of that income is earned in the U.S. either thru the development, manufacture, sales, or distribution of the products.
None.
But, our wise Senators think that Apple should pay U.S. corporate income taxes on that money any way.
Why?
Because Apple was legally formed in the U.S. and has it’s Corporate headquarters in the U.S.
Here’s the code-breaking question to ask …
The Homa Files 