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More Squawk from Jim Cramer: Apple (AAPL) CEO Defends Tax Practices, ‘It’s a Crazy System’

NEW YORK (TheStreet) -- Apple (AAPL - Get Report) stock is little changed in mid-morning trading on Monday after CEO Tim Cook defended the company's tax practices on CBS's 60 Minutes Sunday evening.

About two-thirds of the company's revenue is generated overseas, which allows the company to avoid paying taxes on about $74 billion in revenues, according to 60 Minutes.

"Apple pays every tax dollar we owe," Cook said on the show, noting that the corporate tax code "was made for the industrial age, not the digital age... It should have been fixed many years ago."

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"I'm glad Cook said that," TheStreet's Jim Cramer said on CNBC's Squawk on the Street this morning.

Cramer explained that to avoid paying taxes is patriotic because a company or an individual has to study the tax code to do it, but that evading taxes is illegal.

"It's a crazy system," Cramer argued. "The corporate tax is idiotic."

He added that corporate tax class was his favorite course when he was at Harvard Law School.