Apple Avoided Billions in Taxes, Congressional Panel Says “Apple wasn’t satisfied with shifting its profits to a low-tax offshore tax haven,” said Senator Carl Levin, a Michigan Democrat. “Apple sought the holy grail of tax avoidance. It has created offshore entities holding tens of billions of dollars while claiming to be tax resident nowhere.” John McCain, the Arizona Republican who is the ranking member on the committee, added: “Apple claims to be the largest U.S. corporate taxpayer, but by sheer size and scale, it is also among America’s largest tax avoiders.” [NYT]
Here are the details for tomorrow's Senate Finance Committee hearing. [US Senate]
And here are the details for the House Oversight and Government Reform Committee's hearing on Wednesday. [US House]
Carney: WH officials knew of IRS targeting but didn’t tell Obama [The Hill]
Rand Paul’s Claim of "Written Policy" Seems Like GOP Overreach [Jeremy Scott/Tax Analysts, Earlier]
Really, IRS!?! [SNL via TaxProf]