The amount of money stashed overseas by U.S. multinationals has exploded in recent years, doubling between 2008 and 2014 to more than $2 trillion.
For some perspective on the numbers, cost-estimating website HowMuch.net crunched the most recent data and created a telling interactive chart.
Topping the list: Apple AAPL, +0.76% and its massive $181.1 billion overseas stash, a $70 billion increase from the prior year. That total corresponds to $59.2 billion in deferred taxes, which is enough to cover more than two-thirds of the federal budget for education, training and employment, according to the 2014 numbers compiled by Citizens for Tax Justice last October.
Elsewhere, General Electric’s GE, -0.37% taxes could take care of almost 5% of our Social Security costs, while taxes from Microsoft MSFT, -0.04% had it kept its money in the U.S., could have covered a fifth of all federal spending on veteran’s benefits.
You can read the rest @
http://www.marketwatch.com/story/if-apple-paid-taxes-on-offshore-assets-itd-cover-most-of-the-us-education-budget-2016-07-27
Corporations are economic traitors. We The People authorize their charters, so why aren't they paying taxes? Because "our" Congress works for them, not for us.
Hint: Hillary likes this situation, Trump does not. Who's the fascist?
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