外刊英语原文：

With tax rates at 35%, it’s considerably cheaper for Apple to borrow money in the U.S. than it would be for it to repatriate cash held in foreign subsidiaries. But even if the tax rate were only 25%, it would still be cheaper for it to borrow than to repatriate.

Besides, history shows that lowering the corporate tax rate doesn’t reduce companies’ desire to play tax games. The 1986 tax reform act reduced the corporate rate to 34% from the previous 46%. So what happened? After a brief period, probably measured in nanoseconds, companies began trying to get around the 34% (now 35%) rate the same way they had tried to get around the 46% rate.

我的重点词汇：

1.repatriate: 寄钱回国，遣返

2.play tax games: 玩税收游戏

3.get around: 绕过

我的译文：

由于税率为35%，苹果**在美国借钱比将外国子**持有的现金汇回国内要便宜得多。但即使税率只有25%，借款仍然比汇回国内便宜。

此外，历史表明，****税率并不会****玩税收游戏的愿望。1986年的税制改革法案将**税率从之前的46%降至34%。那么到底发生了什么呢？经过短暂的一段时间(可能以纳秒为单位)，**开始试图绕过34%（现在是35%）的税率，就像他们试图绕过46%的税率一样。

此文为作者原创第1**篇。

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