Levin Says Apple Uses Offshore Units to Avoid Taxes

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May 20 (Bloomberg) -- U.S. Senator Carl Levin, a Michigan Democrat, and Senator John McCain, an Arizona Republican, speak at a news conference in Washington about a congressional investigation into Apple Inc.'s alleged use of offshore entities to avoid paying billions of dollars in U.S. taxes. The world's most valuable technology company has $102 billion in offshore accounts and shifted billions in profits out of the U.S. into affiliates based in Ireland where it negotiated a tax rate of less than 2 percent, according to a report by the Senate Permanent Subcommittee on Investigations. (Source: Bloomberg)

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