Earlier this year, Apple CEO Tim Cook found himself under intense pressure and scrutiny during a Senate hearing concerning reports that Apple was storing billions of dollars in offshore accounts. Sen. Carl Levin (D-Mich.) had this to say on the matter:
“Apple effectively shifts billions of dollars in profits offshore, profits that under one section of the tax code should nonetheless be subject to U.S. taxes, but through a complex process avoids those taxes,” Sen. Levin said.
However, a report from The Sacramento Bee indicates that Apple isn't the only prominent tech company that keeps a substantial amount of cash in offshore accounts. A new study conducted by the U.S. Public Interest Research Group indicates that numerous other tech companies follow the same practice, including Cisco Systems ($41.3 billion), Hewlett-Packard ($33.4 billion), Google ($33.3 billion), Oracle ($20.9 billion), Intel ($17.5 billion) and other firms, all of which are based in California. The study indicates that Apple keeps more than $82 billion overseas.
Defenders of Apple say the Senate should not single out Apple since many other prominent tech companies do the exact same thing when it comes to stashing big bucks in overseas accounts.
What do you think of Apple, Google and other big tech firms stashing money overseas? Sound off in the comments below.