U.S. Treasury Secretary Jacob Lew on Wednesday criticized a European ruling that Apple owes more than $14.5 billion US in back taxes. But he said the decision may spur Congress to finally address the stalled effort to reform America's corporate tax structure. Treasury Secretary Jack Lew called the European ruling an attempt to reach into the U.S. tax base. House ways and means chairman Kevin Brady, a Republican from Texas, called the action a "predatory and naked tax grab" which he said underscored the need for congressional action. Congress has been debating for years how to deal with this growing stockpile but disputes between Democrats and Republicans over how to overhaul corporate taxes has stalled action.

Source: CBC News August 31, 2016 17:26 UTC