Tim Cook discusses taxes before Tuesday’s visit to Congress: ‘Apple does not funnel domestic profits overseas’

Yesterday Politico reported that Tim Cook will appear before Congress next week to testify in a hearing regarding how the company is handling its overseas finances and domestic taxes, and today Politico has published a brand new interview with the Apple CEO.

Tim Cook and Apple tend to avoid any public discussion aside from comments during quarterly earnings calls, but it seems the company is on a PR offense leading up to next week’s public hearings.

“We don’t have a large presence in Washington, as you probably know, but we care deeply about public policy and believe creative policy can be a huge catalyst for a better society and a stronger economy.”

Cook went on to defend Apple against any accusations that may come its way next week.

“I can tell you unequivocally Apple does not funnel its domestic profits overseas. We don’t do that. We pay taxes on all the products we sell in the U.S., and we pay every dollar that we owe. And so I’d like to be really clear on that.”

The Apple CEO also noted the company’s $100 million project to produce a Mac line in the United States this year, which the company says will add jobs to the economy.

Cook says that Apple is one of the largest tax payers in the US, citing the company’s current tax bill of $6 billion in 2012 and an expect $7 billion this year.

Cook will address Congress and its concerns on Tuesday, possibly suggesting solutions for what many believe to be fundamental problems with the current corporate tax model designed by Washington.

“I hope to make some clear recommendations, and I trust there will be receptive parties there.”

Photo taken at Quanta in California

Cook also noted that many of the internal components of the future Made in USA Mac line will also be sourced from the U.S.:

“We’re going very deep in this project,” Cook said, noting that not only will the final product be manufactured in the U.S., but so will many of its components.  Arizona, Texas, Illinois, Florida and Kentucky are among the states he mentioned as having parts and assembly located.

Update: Apple has also granted The Washington Post an interview just before Mr. Cook goes to Washington.

“If you look at it today, to repatriate cash to the U.S., you need to pay 35 percent of that cash. And that is a very high number,” Cook said in an interview Thursday. “We are not proposing that it be zero. I know many of our peers believe that. But I don’t view that. But I think it has to be reasonable.”