‘Future Tax Traps’ Lurk for Multinationals in Senate's Proposal
- Tax increases would kick in if tax bill raised federal deficit
- Spring-loaded levies would target offshore profit-shifting
Some of the taxes in question aim squarely at companies like Apple Inc. and Alphabet Inc., which rely on intellectual property, also known as “intangibles.”
Photographer: Luke MacGregor/BloombergThis article is for subscribers only.
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.
Some of the taxes in question aim squarely at companies like Apple Inc. and Alphabet Inc., which rely on intellectual property, also known as “intangibles,” that they’ve transferred to overseas subsidiaries, tax experts say. Spokesmen for the two tech giants didn’t respond to requests for comment Tuesday.