(NEW YORK) — Apple, the most lucrative technology company in the world, has used legal strategies to avoid paying millions of dollars in taxes in California and 20 other states, The New York Times reports.
Although its headquarters are based in Cupertino, California, where the state’s corporate tax rate is 8.84 percent, the technology giant put an office in Reno, Nevada, where the corporate tax rate is zero. Additionally, Apple has subsidiaries in other low-tax locations such as Ireland, the Luxembourg, the British Virgin Islands and Ireland, according to The Times.
While most companies employ strategies to reduce their taxes, Apple’s savings are especially high–Wall Street analysts project that the technology company could bring in up to $45.6 billion this fiscal year, The Times says.
Copyright 2012 ABC News Radio
Shannon Gupta, CNN
Sara Ashley O'Brien, CNN