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Exxon Mobil Corporation
To keep corporations here, fix the tax code
To keep corporations here, fix the tax code

The report of Apple avoiding corporate income taxes the past four years signals it's time to overhaul the U.S. corporate tax code. Like many multinationals with strong intellectual property, Apple legally earns nearly all of its income offshore. The U.S. tax code requires payment of corporate income taxes on domestic operations, but foreign earnings are not taxed until they are returned to the U.S. parent company, an act called repatriation. According to Senate investigators, Apple has structured its foreign operations to avoid a foreign income tax liability as well. As a result, its foreign earnings would incur a significant repatriation tax, leading those earnings to essentially...