Reuters: Technology News: Apple's Cook to propose tax changes at congressional hearing: report

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Apple's Cook to propose tax changes at congressional hearing: report May 17th 2013, 01:28 Tweet Share this Email Print Related News More tax lobbyists working Washington's hallways Wed, May 15 2013 Fight expected in House on online sales tax Tue, May 7 2013 Apple wows market with record $17 billion bond deal Tue, Apr 30 2013 Analysis: Tax strategy may be key to Verizon Wireless deal Mon, Apr 29 2013 Apple lays groundwork for first debt sale ever Mon, Apr 29 2013 Analysis & Opinion What the IRS should be scrutinizing Essential reading: Falling deficit alters budget debate, and more Apple CEO Tim Cook speaks to the audience during an Apple event in San Jose, California October 23, 2012. Credit: Reuters/Robert Galbraith Thu May 16, 2013 9:28pm EDT (Reuters) - Apple Inc CEO Tim Cook will propose tax changes that would encourage firms to bring home more of their offshore funds when he faces congressional queries next Tuesday over his company's overseas cash holdings and tax bills, the Washington Post reported. Cook's proposals would aim to put more companies' offshore money to use creating jobs and conducting research and development in the United States, he said in an interview with the Post. Cook also told the Post that the 35 percent tax on cash brought back to the United States is a "very high number." "We are not proposing that it be zero. I know many of our peers believe that. But I don't view that. But I think it has to be reasonable," he said. Apple in a statement to Reuters acknowledged that Cook would be appearing before the congressional subcommittee but gave no information on the reported proposals. Apple paid $6 billion in federal corporate income tax in fiscal 2012, the company said. Next Tuesday's hearing is centered on possible changes to the tax code to ensure that more cash-rich companies bring their money back the United States. Apple's Cook joins the heads of technology titans Hewlett-Packard Co and Microsoft Corp who have also been questioned in U.S. Senate subcommittee hearings on companies keeping cash overseas to lower their tax payments. (Reporting by Jennifer Saba in New York; Editing by Edmund Klamann) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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