• Apple Among Top Companies Stashing $206 Billion Abroad

    According to a jolting new report from Bloomberg, the amount of cash stashed abroad by U.S. based companies looking to mitigate their domestic tax burden has reached dizzying new heights. And Apple is one of the biggest contributors to this phenomenon.

    The largest U.S. companies bulked up their stockpiles of offshore profits last year by more than $200 billion, today's report from Bloomberg summarizes.

    Of the three biggest overseas cash hoarders based in the United States, here's what we can tell you. Since 2011, Microsoft’s profits held offshore have doubled. Apple’s have quadrupled. And Google’s financial stash has also more than doubled.

    Even as governments around the world cut tax rates and try to keep corporations from shifting profits to tax havens, the U.S. Congress remains paralyzed in its efforts. The response of U.S.-based companies over the past few years has been consistent: book profits offshore and leave them there.
    “The loopholes in our tax code right now give such a big reward to companies that use gimmicks to make it look like they earn their profits offshore,” Dan Smith, a tax and budget advocate at the U.S. Public Interest Research Group, tells Bloomberg.

    Source: Bloomberg
    This article was originally published in forum thread: Apple Among Top Companies Stashing $206 Billion Abroad started by Michael Essany View original post
    Comments 3 Comments
    1. buggsy2's Avatar
      buggsy2 -
      $206 billion just last year I'm sure. The total must be far more. 'Murica!
    1. bigboyz's Avatar
      bigboyz -
      Quote Originally Posted by buggsy2 View Post
      $206 billion just last year I'm sure. The total must be far more. 'Murica!
      Exactly! They have far more than that by now. Big companies tend to hide as much money as they report.
    1. quidam_brujah's Avatar
      quidam_brujah -
      Must be nice to exist in a world where you can take advantage of vast resources and infrastructure built and managed by The People and contribute but a minute fraction of the total value your enterprise extracts. And thus my guilty love-hate relationship with Apple. Stop posting these types of articles so I can continue with my head buried in the sand, mmkay?
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