WashPirg Lists Top Companies Holding Cash Offshore
The consumer group WashPIRG says 82 of the top 100
companies in Washington State are dodging taxes by holding money in foreign
"When corporations use tax havens to dodge the taxes they
owe, the rest of us pay the price, either through higher taxes, cuts to
important programs, or a bigger deficit," said Micaela Preskill, WashPIRG
Advocate. "It also puts small businesses without expensive tax attorneys at a
big competitive disadvantage. It's time for Congress to put an end to offshore tax
dodging," she added.
WashPIRG's new study shows that while most
large companies take advantage of offshore tax loopholes, a few companies benefit
Microsoft ranks 4th among all top 100 companies for the amount of cash it keeps
offshore. Between 2007 and 2012, WashPIRG says Microsoft increased the amount
of money it reported holding offshore from $6.1 billion to $60.8 billion. The
company deferred approximately 19.4 billion dollars in taxes in 2012, according
to the consumer group.
companies highlighted in the study include Bank of America, Oracle, and Google.