Corporate taxes are back in the news again this time with Apple Inc. appealing the E.U. tax demand for $14 billion (see report from Reuters.) At issue is the rate of corporate income tax Apple pays in Ireland."Apple's Irish tax bill implied a tax rate of 0.005 percent in 2014," according to European Competition Commissioner Margrethe Vestager, the Reuters report states.
Whether the actual rate it pays is that low isn't the major issue. What we do know is that big companies, like Apple, do what they can within the law to avoid paying taxes. In some cases, no taxes are paid, which will no doubt outrage many people.
It shouldn't. The bigger outrage is that we have corporate income tax at all.
The truth is that abolishing it should be at the top of the agenda for president-elect Donald Trump. When that happens we'll all be better off. Here are some reasons why:
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