More than $1 trillion leaked from the tax coffers of EU member states each year, an amount large enough to prompt European leaders Wednesday to hold a summit on reforming corporate taxes. The move follows high-profile investigations showing Apple and other tech giants used European countries to avoid paying taxes in their home countries.
Earlier this week, Apple CEO Tim Cook testified before a Senate subcommittee investigating how the iPhone maker used a hole in Ireland's tax laws to lower its U.S. tax burden on $74 billion held overseas...