Friday, March 7, 2014

There is an estimated $1.9 trillion parked in foreign tax havens

Why tax cuts for multinational firms may not benefit U.S. economy

PHILLY.COM
(THE PHILADELPHIA ENQUIRER)
March 7, 2014
by Chris Mondics

Multinationals are U.S. corporations with significant operations in other nations. The problem centers on the longtime practice of such U.S multinationals as Google, Apple, and others of sheltering a share of their profit in overseas tax havens such as Bermuda, the Cayman Islands, and the British Virgin Islands. Those companies and others have an estimated $1.9 trillion parked in foreign tax havens, Sanchirico says.