Apple CEO Tim Cook, who has been summoned to testify in a Senate hearing on offshore tax practices, now has to do something no other Apple CEO did before him: take the witness table at a congressional hearing on Capitol Hill.
Apple ahead of the hearing published a 17-page written testimony which details its push for a fair tax reform: it should be revenue neutral, Apple writes, 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 U.S.
It's not clear why the U.S. Senators singled out Apple as many other companies don't repatriate the money earned overseas due to the steep 35 percent tax. It's important to note that what Apple and others are doing isn't illegal. Moreover, Apple is compelled to do what is in both their and their shareholders' best interest.
Anyway, you've hopefully grabbed your popcorn because things are about to get quite interesting if not downright messy. Go past the fold for a blow by blow...
