Focus falls on the small print of Donald Trump’s tax plans

On the last page of a nine-page tax plan that calls for slashing business rates, US President Donald Trump and congressional Republicans last week proposed a new tax that may hit companies like Apple and Pfizer.

It’s contained in one sentence: “To prevent companies from shifting profits to tax havens, the framework includes rules to protect the US tax base by taxing at a reduced rate and on a global basis the foreign profits of US multinational corporations.”

The rate and formula aren’t specified, but that lone sentence carries multibillion-dollar implications for multinationals. Their lobbyists are noticing.