The 2014 midterm elections turned out to be bad news for President Obama as the GOP nearly ran the table in key Senate races, giving Republicans control of both houses of Congress. For the tech industry, the news is more mixed — here are five reasons the arrival of the Republicans will have an impact:
Tax code reform could help companies like Apple bring cash back to the U.S.
A lot of the political outrage over corporate tax gimmicks like the “Double Irish” and “inversions” are actually the result of quirks in the tax code that punish U.S. companies if they repatriate overseas income. The situation affects tech companies especially (due to the way they categorize intellectual property revenues), and has led companies like Apple to simply sit on hoards of cash rather than take it home and suffer a tax hit.
Even though most consider the tax code is outdated and dysfunctional, reform has been stymied by…
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