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Apple’s Cook Faces Senate Questions on Taxes

Apple CEO Tim Cook

Apple CEO Tim Cook testifies on Capitol Hill in Washington, Tuesday, May 21, 2013, before the Senate Homeland Security and Governmental Affairs Permanent on Investigations as the panel examine the methods employed by multinational corporations to shift profits offshore and how such activities are affected by the Internal Revenue Code. (J. Scott Applewhite/AP)

Apple's CEO is disputing assertions by a Senate panel that the company avoids billions of dollars in U.S. taxes by shifting profits to foreign affiliates.

Tim Cook testified at a hearing Tuesday by the Senate Permanent Subcommittee on Investigations, which released a damning report Monday on Apple's tax practices.

"We pay all the taxes we owe, every single dollar,'' Cook said. "We don't depend on tax gimmicks.''

Cook, who is more accustomed to commanding a stage in front of investors and techies than facing a congressional committee, took a defensive tone with his opening statement. He punched out words when stressing the 600,000 jobs that the company supports and noting that Apple is the nation's largest corporate taxpayer. Cook said he advocates an overhaul of the U.S. tax code.