Senate claims Apple sheltered $44 billion from taxes

A report released ahead of Apple CEO Tim Cook’s inaugural Capitol Hill appearance Tuesday alleges the tech giant took advantage of numerous U.S. tax loopholes and avoided U.S. taxes on $44 billion in offshore, taxable income between 2009 and 2012 — a characterization Apple flatly rejects.

Apple, meanwhile, emphasized it has contributed more than its fair share of jobs to the U.S. economy — and plenty of big bucks to the U.S. treasury, too. Its prepared testimony, also released Monday, said the company “pays all its required taxes, both in this country and abroad.” And Apple stressed it does not use “tax gimmicks.”