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How To Close The Loopholes That Made Apple’s Tax-Dodging Completely Legal
In two stories on this week’s testimony by Apple CEO Tim Cook before the Senate Permanent Subcomittee on Investigations, Quartz’s Tim Fernholz and ThinkProgress’ Alan Pyke highlighted a paper released by The Hamilton Project and the Center for American Progress, “A Modern Corporate Tax”. In the paper, Alan Auerbach of the University of California, Berkeley, proposes two reforms to the U.S. corporate tax system: first, an immediate deduction for all investments that would replace the current system of depreciation allowances, and second, replacing the current approach to taxing foreign-source income with a system that ignores all transactions except those occurring exclusively in the United States. Pyke wrote that the proposal “would seem to balance both government and corporate interests.” For the ThinkProgress story, click here. For the Quartz story, click here.

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