Sen. Schumer urged Congress to craft a stricter definition of inversion and enact a ban on "earnings stripping." Earnings stripping? You'll love this. Earnings stripping refers to a practice by which a foreign-based parent corporation loans large sums to -- wait for it -- itself.
Globalization has had many effects, but one of the greatest seems to be that corporations now have so many "homes" that they pick and choose the locations that offer them the best regulatory and tax breaks.
Our government is not always going to protect us from everything that may be harmful or close loopholes to make our tax system more equitable and fair. That is just the way our system works. But, that is where all of us come in
I want Apple to innovate with new "incredibly great" products that wow the world like the iMac and iPhone did--not with new ways of nickel and diming Uncle Sam. Do what's right and stick to what Apple does best and continued success will surely follow.
French magnate Bernard Arnaud's desire to acquire Belgian nationality has reignited the debate over tax exile and the refusal of similar large estates to fulfill their fiscal responsibilities. There is, however, a simple and effective solution to end legal tax avoidance.
With the economy showing signs of recovery, it's high time that our federal lawmakers move beyond these self-induced crises and begin to talk about tax reform that can help taxpayers move forward with a clear understanding of how the tax code works and how much they owe.