When Apple's chief executive officer, Tim Cook, bragged to a Senate committee on May 21 about his company's culture of innovation, he probably hoped people would think of Apple's gadgets, not its tax strategies. That seems unlikely, at least for now. Not only has the company used loopholes to sidestep U.S. taxes on $44 billion in offshore income from 2009 through 2012, according to the subcommittee, Apple also has three Irish subsidiaries that claim to have no residence-anywhere-for tax purposes. Senator Carl Levin, the Michigan Democrat who chairs the Senate permanent subcommittee on investigations, which looked into Apple's tax avoidance strategies, calls this alchemy. We're inclined to agree.
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