The most interesting part is the part that hasn’t been covered:
Apple has always believed in the simple, not the complex. This is evident in the Company’s products and the way it conducts itself. In this spirit, Apple has recommended to the Obama Administration and several members of Congress — and suggests to the Subcommittee today — to pass legislation that dramatically simplifies the US corporate tax system. This comprehensive reform should:
Be revenue neutral;
Eliminate all corporate tax expenditures;
Lower corporate income tax rates; and
Implement a reasonable tax on foreign earnings that allows free movement of capital back to the US.Apple recognizes these and other improvements in the US corporate tax system may increase the Company’s taxes. Apple is not opposed to such a result if it occurs in the context of an overall improvement in efficiency, flexibility and competitiveness. Apple believes the changes it proposes will stimulate the creation of American jobs, increase domestic investment and promote economic growth.
Did you catch that? Apple said it’s fine paying more in taxes so long as it’s the result of a complete overhaul of the corporate tax code.
That statement wasn’t in error. In his opening statement, Tim Cook said the same thing:
Apple has always believed in the simple, not the complex. You can see it in our products and the way we conduct ourselves.
It is in this spirit that we recommend a dramatic simplification of the corporate tax code. This reform should be revenue neutral, eliminate all corporate tax expenditures, lower corporate income tax rates and implement a reasonable tax on foreign earnings that allows the free flow of capital back to the U.S. We make this recommendation with our eyes wide open, realizing this would likely increase Apple’s U.S. taxes. But we strongly believe such comprehensive reform would be fair to all taxpayers, would keep America globally competitive and would promote U.S. economic growth.
I can’t think of any other company that would say it’s willing to pay more in taxes. Can you?