Senate Republicans tucked some multibillion-dollar tax increases for corporations into the 515-page tax bill they released this week—spring-loaded hikes that would begin after 2024 if the economy doesn’t grow as fast as GOP lawmakers have promised.
Ireland is set to miss a deadline to hire managers for Apple Inc.’s tax billions during an appeal of a European Union antitrust ruling, the latest delay in a saga that has dragged on for more than a year.
U.S. companies that make billions of dollars from patents and other intellectual property held offshore would be eligible for a special 12.5 percent tax rate on those earnings under the Senate tax plan.
Amazon.com Inc. was slapped with a European Union order to pay 250 million euros ($294 million) plus interest in back taxes to Luxembourg as the world’s biggest online retailer became the latest U.S. giant to run afoul of the bloc’s tough rules on government subsidies.
On the last page of a nine-page tax plan that calls for slashing business rates, President Donald Trump and congressional Republicans proposed a little-noticed, brand-new tax that may hit companies like Apple Inc. and Pfizer Inc.
Apple Inc. Chief Executive Officer Tim Cook said any new, lower federal tax rate on U.S. companies’ overseas earnings should be mandatory for all companies, and proceeds should be spent on upgrading U.S. infrastructure.