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U.S. firms stash $2.1T overseas to avoid taxes
Key Excerpts from Article on Website of Salt Lake Tribune/Reuters
Posted: March 16th, 2015
http://www.sltrib.com/home/2250632-155/us-firms-stash-21t-ov...
Microsoft, Apple, Google and five other tech firms now account for more than a fifth of the $2.10 trillion in profits that U.S. companies are holding overseas, according to a Bloomberg News review of the securities filings of 304 corporations. The total amount held outside the U.S. by the companies was up 8 percent from the previous year. General Electric topped the list for the fifth straight year. The company now has $119 billion outside the U.S., an increase of 8 percent from the end of 2013 and a 27 percent gain since 2010. Microsoft has more than tripled its offshore holdings since 2010. Apple, which counts only part of its non- U.S. holdings as indefinitely held offshore, increased that portion to $69.7 billion from $12.3 billion in 2010. Cisco now has $52.7 billion outside the U.S., up 10 percent since 2013. John Chambers, Cisco's chief executive, said on Bloomberg TV on Feb. 20 that "our tax policy is causing me to make decisions that I don't think is in the interest of our country, or even in our shareholders, long term." The companies owe taxes at the full U.S. corporate tax rate of 35 percent on profits they earn around the world. They get tax credits for payments to foreign governments and don't have to pay the residual U.S. tax until they bring the money home. Obama earlier this year proposed applying a 14 percent mandatory tax on the stockpiled profits and a 19 percent minimum tax on foreign earnings going forward.
Note: U.S. laws now protect corporations as if they are people, but require human people to pay more income tax. For more along these lines, see concise summaries of deeply revealing news articles about corporate corruption.
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