` United States Tax-Payers foot the bill in ` Interest Payments ' for ` US Debt ' owned by `Top Four Technology 'firms '

#AceFinanceNews United States taxpayers make large interest payments to the top four technology firms for the $163 billion in US government debt the companies own and shelter in tax-free offshore accounts.

United States taxpayers make large interest payments to the top four technology firms for the $163 billion in US government debt the companies own and shelter in tax-free offshore accounts.

Apple, Cisco Systems, Google, and Microsoft legally hold $124 billion in US Treasury securities and $39 billion in US government agency debt in accounts overseas, allowing them to avoid the 35 percent (maximum) corporate tax rate in the United States, according to US Securities & Exchange Commission reports.

Together, the companies would be the 14th biggest overseas holder of Treasury securities, just ahead of countries like Norway, Singapore, and India.

“If a US multinational puts its offshore cash into a US bank and uses the money to buy US treasuries, stocks and bonds, those funds ought to be treated as having been repatriated and subject to US tax,” Sen. Carl Levin, chair of the Senate permanent subcommittee on investigations told the Bureau of Investigative Journalism.

RT – News Sources

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