Apple’s decision last week to issue $17bn in bonds has drawn attention to America’s abominable corporate tax system. The tech giant’s first debt issue comes at a time when it has more than $100bn in cash held outside the US. By borrowing from the capital markets, Apple can pay dividends to shareholders more cheaply than if it used the money stored outside the country, while getting a tax deduction for interest expenses. This decision has angered those who like to inveigh against “tax avoidance” and “corporate greed”. But the culprit is not Apple; it is the over-complex US tax system.
蘋果(Apple)公司日前決定發(fā)行170億美元債券，這使美國糟糕的企業(yè)稅收制度受到了人們的關(guān)注。這是這家科技巨頭首次發(fā)債，而就在此時蘋果在美國以外的其他地區(qū)擁有超過1000億美元的現(xiàn)金儲備。不過相對于動用海外資金，蘋果通過從資本市場融資能以更低的成本向股東發(fā)放股利，其所支付的利息支出還能抵稅。蘋果的這一舉措激怒了某些喜歡抨擊“避稅”以及“公司貪欲”的人。但問題的根源并不在于蘋果，而是過于復(fù)雜的美國稅收制度。