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.