With the mid-term US elections just around the corner, understanding what this means: who has the balance of power, what voices constitute each Chamber and what this means in terms of legislation is increasingly important wherever you live in the world, changes to US laws affect all of us in this increasingly globalised world. For instance when the US Senate voted to change tax laws at the end of 2017, it reduced Corporate Taxes by 14% from 35, to 21%. As a result of the reforms, US companies with offshore dealings could decide to keep their money at home, enticed by lower corporation taxes plus a desire to avoid new restrictions on shifting profits abroad. Companies operating overseas, such as big tech and pharma companies, would be taxed at a low rate - 15.5% - to return the cash to the US in a one-time move. However, Ireland, where Apple has a major base, still undercuts the US with a corporation tax rate of 12.5%.
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