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The Unspeakably Wonky Idea That Can Solve the Corporate Tax Debate

Kentucky Senator Rand Paul isn’t happy that Apple executives are being questioned by the Senate Permanent Subcommittee on Investigations today regarding their tax avoidance strategies. Apple is completely justified, Paul argued, in paying as little in taxes as is legally acceptable. ”Instead of Apple executives we should have brought in here a giant mirror,” he added. “”Congress should be on trial here for creating a byzantine tax code.” Though committee chair Carl Levin would probably disagree with Paul’s characterization of today’s hearing as a politically motivated witch hunt, Paul’s analysis is at least correct in the sense that corporations will always pay the least amount of taxes they can within the bounds of the law — and if anybody is to blame for low effective corporate tax rates, it’s Congress. (MORE: The Corporate Tax Rate Is Lowest in Decades; Is Business Paying Its Fair Share?) So how can the law be crafted so that companies can’t engage in the sort of tactics that have...

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The One Crucial Tip Neglected by Many Graduation Speeches

Your banker can make a big difference in your long-term business success. Is yours working hard for you? The right partnerships can play a big role in the success or failure of a business, so enter into any partnership with an eye toward how it can advance your goals. Choose a bank the same way, not because it’s next door and you’ve always gone there. Finding the right bank for your needs doesn’t take a lot of work, but it can offer a lot of rewards. Asking the right questions and building a strong relationship with your banker can save you money on interest rates and result in new business opportunities. These American Bankers Association tips, discussed by Joe Taylor at Small Business Computing, can help you improve your current banking situation or help you find a bank that works for you. (MORE: Talk Your Way to Success) 1. Make it Personal Personal connections are more meaningful and memorable, so get to know the people who make decisions at your bank by having face-to-face...

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(TAMPA, Fla.) — Shareholders at JPMorgan Chase will let Jamie Dimon, the chairman and CEO, keep both his jobs. At the bank’s annual meeting, 32 percent of shareholders voted for a measure that would have required the bank to split the roles. Had the measure succeeded, Dimon would have had to relinquish the role of chairman. Shareholder groups lobbying for the split gained momentum from last year’s surprise $6 billion trading loss, which tarnished the reputation of both JPMorgan Chase & Co. and CEO Dimon. The bank and Dimon had argued that letting Dimon keep both jobs was the most effective form of leadership.

Potential investors and partners are often more interested in an entrepreneur as a person than in the business plan. That document is important, but be sure to also show these three characteristics: Passion and purpose. Investors want to know if you’re the right person for this idea. Make your personal connection to the business you’re launching clear. Resilience. The road to building a business is full of speed bumps. Share some failure stories to show you can bounce back from challenges. Resource magnetism. Can you attract money, people, and other resources? This is more important than charisma. Whether or not you have a thousand-watt smile, you need to be able to persuade people to join your cause. Adapted from “Entrepreneurs: You’re More Important Than Your Business Plan” by Rich Leimsider and Cheryl Dorsey. Visit Harvard Business Review’s Management Tip homepage Purchase the HBR Management Tips book

To mark the one-year anniversary of Facebook going public, NewsFeed spotlights the 5 best parodies of the social network that everyone loves to hate

The famous French film festival -- soon to hand out this year's Palme d'Or -- has a history of anointing landmarks of world cinema

Yahoo's Tumblr Deal: Here's Who Hit the Billion-Dollar Jackpot

It will likely be years before we know if Yahoo!’s blockbuster $1.1 billion deal to buy social blogging platform Tumblr was a success. But 24-hours after the deal was officially announced, a few things are certain: The deal represents a landmark event for New York City‘s tech startup scene, and a handful of Tumblr employees and investors are now extremely wealthy. Here’s a quick breakdown of the big winners and how much they made on the deal: Founder David Karp: $253 million Karp, the 26-year-old high school dropout who founded the company six years ago, owns approximately 25% of Tumblr and is therefore set to reap $253 million in cash, according to data compiled by PrivCo, a New York-based research firm that tracks private companies and the venture capital industry. Karp’s net worth had already been estimated at $200 million after Tumblr’s most recent venture capital round, but by tech mogul standards, he leads a relatively frugal lifestyle. (His Brooklyn loft is worth $1.6 million,...

Which fictional characters -- from ancient mythology to Madison Avenue -- do you think have had the greatest impact on our lives?

It's Official: Tech Has Replaced Banking as the New Corporate Bad Guy

U.S. senators have accused Apple, the world’s most profitable company, of also being the world’s biggest tax avoider, as congressional investors yesterday laid out how the technology giant has jumped through tax loophole after loophole in order to save some $44 billion of otherwise taxable income. Today they’ll follow up by grilling Apple CEO Tim Cook on Capitol Hill. Aside from the fact that Apple clearly has amazing tax lawyers, what does all this mean? Here are the four key things you need to know: 1. Corporate tax reform will be the big issue in Washington now that the deficit is off the front burner. As I wrote in back in January, American firms have some $2 trillion in cash on their balance sheets stashed abroad, in large part because they don’t want to bring that money home and pay America’s 35% corporate tax rate. (Ireland, where Apple apparently stashed much of its cash, has a 12.5% rate — though it appears Apple was able to negotiate an even lower one than that.) With...

A great deal has been written about Harvard University professor Niall Ferguson’s controversial comments about the late economist John Maynard Keynes. (The short version: Keynesian economic theory, Ferguson suggested, is flawed because Keynes himself was gay and childless — and consequently blind to the dangerous long-term consequences of his own ideas.) The statement itself has been pretty exhaustively litigated, so I’ll refrain. As it happens, though, I was particularly interested in Ferguson’s apology, the first line of which struck me as admirably unequivocal: “During a recent question-and-answer session at a conference in California, I made comments about John Maynard Keynes that were as stupid as they were insensitive.” I don’t know Ferguson personally, but I respected what he did there, and extended my trust to him because I experienced his apology as authentic. However, I later saw that my response was far from universal. Guardian writer Oliver Burkeman, for example, wrote...

While a new report puts the average debt load of new college grads at a stomach-churning $35,200, the Georgia Institute of Technology is rolling out an alternative program experts say offers a beacon of hope for both students and employers: A three-year master’s degree in computer science that can be earned entirely online — and that will cost less than $7,000. The school is partnering with Udacity, a for-profit provider of MOOC (massive open online course) education, and AT&T, which is contributing $2 million and will provide connectivity tools and services. “We believe this program can establish corporate acceptance of high-quality and 100 percent online degrees as being on par with degrees received in traditional on-campus settings,” a statement from the school says. This isn’t academia’s first foray into offerings that promise some combination of low cost and high tech education, of course, but it’s the first one that industry observers say has the potential to shake up the status...