Apple CEO: Overseas tax flap is 'political crap'

Apple CEO Tim Cook called complaints from lawmakers claiming the company is trying to avoid paying taxes on overseas profits "political crap."

Cook addressed the tax debate during an interview with 60 Minutes, which airs Sunday. According to an excerpt released Friday, Cook calls for Congress to make changes to an antiquated tax code.

"This is a tax code that was made for the Industrial Age, not the Digital Age." says Cook. "It's backwards. It's awful for America. It should have been fixed many years ago."

The company boasts $74 billion in overseas revenue, and Cook claims bringing that revenue home would cost 40% in taxes.

"We pay more taxes in this country than any one," says Cook.

Two years ago, Cook went before a Senate panel to defend its tax strategies. Former Sen. Carl Levin, who ran the Senate Permanent Subcommittee on Investigations, alleged Apple runs a "highly developed tax avoidance system."

Cook defended Apple, saying the company doesn't lean on tax gimmicks or "stash money on some Caribbean island."

Follow Brett Molina on Twitter: @brettmolina23.