U.S. tech giants’ offshore cash piles earn interest from gov

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    Anonymous

    Technology News

    The different colours available for the iPod Touch presented during Apple Inc.'s iPhone media event in San FranciscoFour of the biggest U.S. technology groups collectively hold an estimated $124 billion in U.S. Treasury debt, much of it offshore, earning them tax-free interest, the UK's Bureau of Investigative Journalism (BIJ) said on Thursday. The finding means Apple Inc, Microsoft Corp, Google Inc and Cisco Systems Inc hold a large proportion of the $254.9 billion held in their foreign subsidiaries in U.S. Treasuries, according to securities filings reviewed by the London-based BIJ, a not-for-profit news organization. Democratic party Senator Carl Levin, who has campaigned for years against tax avoidance, was quoted saying by the BIJ that if U.S. corporations invested offshore funds in U.S. government debt, this income should face U.S. taxes.


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