File - In this Friday, Sept. 25, 2015, file photo, people wait in front of an Apple store in Munich, before the worldwide launch of the iPhone 6s. (AP Photo/Matthias Schrader)
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NEW YORK: It turns out some wealthy companies are just like some wealthy hedge fund managers: They're taxed at far lower rates than nearly everyone else.Taxes paid in the U.S. and abroad by tech companies like Apple amounted to 24 percent of their profits in the 10 years through 2014, according to a Credit Suisse report. According to a May report by the research firm R.G. Associates, 78 of the biggest U.S. companies – from tech stars Facebook and eBay to glassmaker Corning and food giant Kraft Heinz – would have earned at least 15 percent less last year without the benefit of overseas tax rates far below that in the U.S. Stocks of each of those four companies are up more than 20 percent in the past year.The company says it will appeal the ruling and expects to prevail.If it had to pay the U.S. rate of 35 percent on its overseas earnings, profits would have been $3.1 billion lower, or 55 percent less.
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