Apple defends its tax practices in the New York Times

A recent New York Times article slams Apple for avoiding billions in state and federal taxes using common corporate loopholes. Apple didn't take kindly to this report and has issued a four-paragraph response defending its practices.

The Cupertino company says it pays "an enormous amount of taxes which help our local, state and federal governments." Besides paying taxes, Apple also points out that its "among the top creators of American jobs in the past few years."

You can read the full response on the New York Times's website. Also of note, Forbes magazine has pointed out that one of the key numbers in the Times story -- Apple's supposed 9.8% effective federal tax rate -- is hooey.