A PYMNTS Company

US: Elizabeth Warren: Companies like Apple are ‘running out of places to hide’

 |  September 11, 2016

Massachusetts Sen. Elizabeth Warren thinks Apple should pay more taxes in the United States, especially in light of the record-breaking EU decision to force Apple to pay around $14 billion in taxes to Ireland.

“Both Apple and Ireland are appealing the decision, but the commission’s announcement was the latest sign that multinational corporations are running out of places to hide from paying taxes,” Warren wrote in a New York Times op-ed.

“The door is now open for Congress to fix our own corporate tax code, which has allowed the biggest multinationals to shirk their obligations for decades.”

An aspect of the controversy over the EU decision was that Europe was taking taxes from Apple that might have been eventually collected by the United States, if Congress ever passed corporate tax reform. The EU hit Apple because Ireland gave it a deal that allowed it to attribute its profits to offices in Ireland, a low-tax country.

Warren, who campaigns for Democratic presidential nominee Hillary Clinton, argues for corporate tax reform, but warns against legislation that is supported by companies like Apple.

“Now that they are feeling the sting from foreign tax crackdowns, giant corporations and their Washington lobbyists are pressing Congress to cut them a new sweetheart deal here at home,” Warren wrote, warning Congress against “bailing out the tax dodgers under the guise of tax reform.”

Full Content: New York Times

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.