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Tuesday, May 21, 2013 - 9:40am
Apple executives are set to defend its tax practices on Capitol Hill today (Tuesday) amid harsh criticism following a senate investigation.
A report by Senators John Mccain and Carl Levin claims apple used a complex web of offshore entities to avoid paying billions of dollars in U.S. income taxes.
The report says Apple relies on a number of unusual accounting tactics and a handful of subsidiaries in Ireland to reduce its tax bill.
The senators did not weigh in on the legality of Apple's tactics.
In testimony posted online ahead of the hearing, Apple brushed off charges that it is gaming the U.S. tax system. It said it "pays an extraordinary amount in U.S. taxes" and "does not use tax gimmicks."