The development and production cost of Lockheed Martin Corp.’s F-35 fighter, the Pentagon’s most expensive weapons program, has decreased by 1.1 percent, primarily because of reduced labor rates, according to the Pentagon’s latest cost estimates.
Republican lawmakers are seeking answers after the first round of congressional hearings on the Internal Revenue Service’s scrutiny of small-government groups failed to show why the practice started and who was behind it.
A congressional hearing into Apple Inc.’s use of offshore tax shelters called attention to how U.S. companies lower their taxes, and underscored the difficulty Congress confronts when trying to end the practice.
When Apple Inc.’s chief executive officer, Tim Cook, bragged to a U.S. Senate subcommittee this week about his company’s culture of innovation, he probably hoped people would think of Apple’s gadgets, not its tax strategies.
Apple Inc. Chief Executive Officer Tim Cook defended his company’s use of offshore tax shelters before U.S. senators who castigated the most-valuable technology company for avoiding $9 billion and more in payments.