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GOP Tax Reform Loophole Could Have Corporations Pocketing Billions

Added: 12.01.2018 21:23 | 40 views | 0 comments

Experts are warning that a new loophole in the new United States tax law could allow for multinational corporations to skirt paying billions of dollars in taxes on profits stored overseas on Friday, according to Reuters. The loophole from the Republican reform efforts involves the tax rates of 15.5 percent or 8 percent that companies must pay on $2.6 in profits being held abroad. A U.S. multinational corporation could manipulate their foreign cash positions under the new law to save money by shifting profits to the lower rate in lieu of the higher, according to Stephen Shay, a senior lecturer at Harvard Law School. Shay said that in Apple Inc.'s case along the company could save more than $4...

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