Saturday, August 3, 2013

California corporations holding foreign earnings offshore

California corporations holding foreign earnings offshore

LOS ANGELES, CA (Catholic online) - According to the study by a coalition of state Public Interest Research Group affiliates, including CALPIRG in California, the "dirty dozen" are on a list of 105 publicly traded American corporations collectively holding $1.17 trillion in earnings offshore.

Listed as having has the most offshore holdings of any American corporation, California's Apple is secreting away $82.66 billion.

Chevron, California's largest corporation, is holding $26.5 billion, the report says, and others from the state on the list, by size of the firm, include Hewlett-Packard, $33.4 billion; McKesson, $3.8 billion; Apple, $82.7 billion; Wells-Fargo, $1.3 billion; Intel, $17.5 billion; Safeway, $1.3 billion; Cisco Systems, $41.3 billion; Walt Disney, $566 million; Sysco, $910 million; Google, $33.3 billion; Ingram Micro, $2.1 billion; and Oracle, $20.9 billion.

The lesson that may be inferred by this bit of news goes directly to Uncle Sam: Maybe the companies bringing in the most revenue should be rewarded, in lieu of slapped with higher tax rates.