The Apple tax strategy is similar to many other major U.S. companies: shift billions of dollars to low-tax international jurisdictions to avoid paying taxes on that income.
But now Congress is accusing Apple of creating "a highly developed tax avoidance system" that cost the United States billions of dollars, economic growth and jobs. A Senate investigation found that Apple avoided paying taxes on $74 billion in overseas profits over four years.
Apple CEO Tim Cook will face Congress today to defend the Apple tax strategy, which Sen. John McCain, R-AZ, called "unpatriotic."
That's why Money Morning Chief Investment Strategist Keith Fitz-Gerald joined FOX Business' "Varney & Co." Tuesday morning to talk about the Apple tax strategy.