Tim Cook: Apple Pays its Taxes

The Apple CEO released a statement -- how unJobs-like! -- before his Senate testimony:

For Apple's current fiscal year, the company plans to pay more than $7 billion in taxes to the U.S. Treasury.

The testimony also argues that Apple does not use so-called "tax gimmicks." Specifically, Apple has said it does not:

Move its intellectual property into offshore tax havens and use it to sell products back into the U.S. in order to avoid U.S. tax.

Use revolving loans from foreign subsidiaries to fund its domestic operations.

Hold money on a Caribbean island

Have a bank account in the Cayman Islands.

The justification for Apple's "substantial foreign cash," as the company put it, is because the majority of its products are sold outside of the U.S. The iPhone maker's international operations accounted for 61 percent of its revenue last year, and increased to two-thirds of its revenue last quarter.

Cook will also testify to the need for tac reform to make it more desirable to repatriate foreign-earned capital back to the United States.