I agree with Tim Cook that our tax system is antiquated.
New York Times: C.E.O. Rejects Claim That Apple Is Avoiding Taxes
“Unfortunately, the tax code has not kept up with the digital age,” Mr. Cook said. “The tax system handicaps American corporations in relation to our foreign competitors who don’t have such constraints on the free movement of capital.”
The problem is not just that the tax code failed to keep up with the digital age, it is that the tax code is still trying to adjust to the age of sea-faring vessels.
I think Apple made a mistake sending Tim Cook (CEO and member of the Board of Directors) to the Senate. Apple should have sent Al Gore, who is also on the Board of Directors and serves on the Nominating Committee and Compensation Committee. The senators would have treated Mr Gore with respect.
One member of Apple’s Board of Directors was appointed by President Obama to the President’s Export Council. Perhaps Apple should have sent Obama’s appointee to discuss Apple’s use of foreign bank accounts. This board member’s name is Robert Iger. Mr Iger is also the CEO and Chairman of the Walt Disney Company, so maybe sending him to answer for Apple would have looked weird to the general public.