Receive Breaking News updates as they occur
The United States has accused the European Union of grabbing revenue intended for U.S. coffers when it ordered Apple Inc to pay up to $14.5 billion in back taxes, a decision that could cause friction at an international summit in China next week. The EU executive this week retroactively scrapped a tax deal Apple had with Ireland, arguing the technology giant was effectively paying a tax rate of a fraction of 1 percent on its profits. "I have been concerned that it reflected an attempt to reach in to the U.S. tax base to tax income that ought to be taxed in the United States," U.S. Treasury Secretary Jack Lew said on Wednesday at an event to discuss Washington's position ahead of a meeting of the Group of 20 industrial nations in China next week.
STATELINE, Nev. (AP) — Standing beneath the forest-green peaks of the Sierra Nevada, President Barack Obama drew a connection Wednesday between conservation efforts and stopping global warming, describing the two environmental challenges as inseparably linked.