WASHINGTON—The U.S. tax law passed in December aimed to remove the features of the old tax system that gave American companies a strong incentive to put their profits, factories and headquarters overseas. Under the old system, a 35% domestic corporate tax rate, highest among major countries, coupled with a tax on repatriated profits, drove corporate decisions. Microsoft Inc. accumulated $142 billion in profits outside the U.S. Apple Inc. sought low tax rates in Ireland for its non-U.S. profits and Johnson Controls International...

Source: Wall Street Journal April 29, 2018 17:48 UTC