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.
苹果(Apple)公司日前决定发行170亿美元债券，这使美国糟糕的企业税收制度受到了人们的关注。这是这家科技巨头首次发债，而就在此时苹果在美国以外的其他地区拥有超过1000亿美元的现金储备。不过相对于动用海外资金，苹果通过从资本市场融资能以更低的成本向股东发放股利，其所支付的利息支出还能抵税。苹果的这一举措激怒了某些喜欢抨击“避税”以及“公司贪欲”的人。但问题的根源并不在于苹果，而是过于复杂的美国税收制度。