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" ... However, the corporate income tax is not the only layer of taxation upon the economic profits from corporate activity. Think through this another couple of steps. So, Apple makes better foreign profits which are not taxed. Apple's stock rises by some amount. The people who own Apple stock will now (at whatever date they sell their holding) owe more in capital gains tax. But we've now decided to tax that economic profit at the corporate tlevel. The rise in the Apple stock price is going to be less than it would have been in the absence of that corporate taxation. So, we have a loss of tax revenue because we'll correct less capital gains tax. ... "