Tim Cook: Americans shouldn’t have to choose between privacy and security

23 Dec 2015 | Author: | No comments yet »

Tim Cook calls notion of Apple avoiding US taxes ‘political crap’.

Rumors that Apple may be making a car have been floating for months, if not years. New York (CNN Money) — After practically minting money for the past two decades, you wouldn’t guess that Apple is giving investors some serious butterflies.Cook’s remarks, made on CBS’ 60 Minutes show, come amid a debate in the United States over corporations avoiding taxes through techniques such as so-called inversion deals, where a company redomiciles its tax base to another country.

Yet there’s the CEO of Apple AAPL -2.55% in a video promo for Sunday’s 60 Minutes losing his cool under the baggy-eyed glare of CBS’s Charlie Rose. It’s an intriguing thought: The company has redefined consumer technology design, while the technology and automotive spaces have never been more closely aligned.

Apple CEO Tim Cook is predicting a record number of sales this quarter, but people who follow Apple’s stock have a big concern about the business: We may have reached peak iPhone. What set off the usually unflappable Cook was the public-relations albatross that has hung on his—and Apple’s–neck for nearly four years, ever since a Pulitzer Prize-winning story in the New York Times painted the company as the pioneer of modern multinational tax avoidance.

A flurry of analysts with insights into Apple’s supply chain raised doubts this week that Apple would be able to sell more iPhones this quarter than the 75 million it sold during the same period a year ago. Rebecca Lester, assistant professor of accounting at the Stanford Graduate School of Business, thought Cook’s colorful language might reflect frustration about the lack of movement on tax reform in Washington. “Companies and the government are in a game of chicken, waiting to see which one moves first,” she said. The story prompted an investigation by a Senate subcommittee and a 2013 televised hearing in which Cook sat through two hours of grandstanding and name-calling by the politicians responsible for the rats nest that is the U.S. tax code. “This is a tax code, Charlie, that was made for the industrial age, not the digital age,” Cook tells Rose with some heat. “It’s backwards. He got Cook to say that the real reason Apple has $181 billion parked overseas—more than any other U.S. company—is that he doesn’t want to pay 40% in taxes it would cost him to bring it back. Dialog Semiconductor, which makes power-management chips for the iPhone, reported a weaker-than-expected outlook for its mobile business — of which Apple accounts for 90%. 3.

Then Rose stepped on what is, for Cook, the third rail of tax minimization, quoting from the dreaded Senate subcommittee’s 2013 report and citing a dollar figure Cook had taken pains in his testimony to refute. Notably, Morgan Stanley’s star technology analyst Katy Huberty now predicts that iPhone sales will fall 6% next year to 218 million devices —down from 231 million in 2015.

It already released bigger iPhones, signed on with China’s largest carrier and unveiled a lease program that encourages customers to get a new iPhone every year.

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