Still, Apple is mighty aggrieved at the E.C., and it has a point. No doubt the Irish government “ruling” that let Apple pay almost no corporate tax on billions of dollars in worldwide profits assigned to its relatively small Irish subsidiary enhanced Apple’s incentive to book those proceeds outside the United States. may have done Apple and the United States a favor by demonstrating that the industrialized world’s patchwork of corporate taxation is getting unsustainable — and that the United States and U.S. companies may have the most to lose from procrastinating reform. The firms pay no U.S. tax on foreign profits until they’re repatriated, at which point the firms get a tax credit for what they paid abroad. Corporate tax reform in the United States is essential not only to U.S. prosperity, but also to the smooth functioning of the global economy.

Source: Washington Post September 11, 2016 23:03 UTC