MNCs may take a hit from trio of taxes in House Bill

Unlike most developed countries, the US applies its corporate tax rate to companies' global earnings

US multinationals including Apple and General Electric are suddenly looking at as many as three new taxes — estimated to raise $454.1 billion over a decade — under the House tax bill released Thursday.

For some, their tax rates may wind up higher than they are now, experts say.

First, companies would no longer be able to escape US taxes on what a Goldman Sachs research note estimated to be $3.1 trillion in earnings that they have stockpiled offshore for years. Those earnings would be taxed at rates as high as 12 per cent and would generate an estimated $223 billion. Firms