Apple has been under fire from the EU over its tax system for quite some time, but up until now, we didn’t know how bad things were. JP Morgan, one of Apple’s investment banks overseeing the case, has put the potential tax bill at $19 billion. That’s a ways over the previous estimates, and a healthy chunk of change even for the cash-flush Apple.
The news came at the same time as the US Treasury Department sought to intervene in the case. The government has entered the fight on Apple’s side, accusing the European Commission of being a “supra-national tax authority.”