If Apple didn’t hold $181B overseas, it would owe $59B in US taxes
by Cyrus Farivar from Ars Technica - All content on (#PQP8)
(credit: 401(K) 2012)
More than any other American company, Apple holds $181.1 billion in offshore accounts, according to a Tuesday report released by Citizens for Tax Justice, an advocacy group.
Other major American tech firms-including Cisco, Google, Hewlett-Packard, and Oracle-are among the largest companies that are using legal but questionable tax tricks to keep money overseas and effectively pay little to no American federal corporate taxes.
Citizens for Tax Justice concluded: "Multinational corporations' use of tax havens allows them to avoid an estimated $90 billion in federal income taxes each year."
Read 14 remaining paragraphs | Comments