Political is reporting that Tim Cook is set to testify at a Senate hearing next week that is investigating the offshore tax practices of American corporations:
Apple CEO Tim Cook is expected to testify at the Senate Permanent Subcommittee on Investigation's hearing Tuesday, POLITICO has learned.
Apple has been under fire for its tax practices. The company recently avoided paying as much as $9.2 billion in taxes by buying back stock with debt instead of offshore cash, Bloomberg reported. Apple has a reported $100 billion in offshore funds.
The hearing is part of the panel's continued examination of how companies shift profits
