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 $504bn of cash by the end of 2015, nearly a third of the total $1.7tn held on the balance sheets of US non-financial companies, according to a new report from rating agency Moody’s. The top 50 holders accounted for $1.1tn of that amount.
US multinationals have left roughly $1.2tn 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.
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