Five US tech giants had amassed $504billion of cash

US tech giants

Five US tech giants are hoarding more than half a trillion dollars, a record sum that underscores how cash has become increasingly concentrated at a handful of groups seeking to avoid a tax hit. Apple, Microsoft, Alphabet, Cisco and Oracle had amassed $504 billion of cash by the end of 2015, nearly a third of the total $1.7 trillion held on the balance sheets of US non-financial companies, according to a report from Moody’s… US multinationals have left roughly $1.2 trillion of their earnings overseas in an effort to skirt the tax charge of moving profits back to US shores under the country’s complex tax code… Apple accounted for more than a tenth of the total cash reserves, holding $216 billion, 93 per cent of which is overseas.

 

Eric Platt

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