They defended Apple by arguing that the European Union was overstepping its authority and reinterpreting international tax law to unfairly penalize the company. The action taken by the European Union, he said, should be an impetus to get moving on such legislation. “The European Union is going to grab this money, instead of the U.S.,” Mr. Schumer said. “Just because it happens to be an American company, to say that the European Union should not take action, I think, is the height of hypocrisy,” Mr. Avi-Yonah said. The news that a corporate giant might have evaded billions of dollars in taxes could become another populist rallying cry.

Source: International New York Times August 31, 2016 13:07 UTC