Four of the largest US-based technology companies hold a huge amount of US Treasury debt and use it to earn tax-free interest, a new report claims.
Apple, Microsoft, Google, and Cisco Systems collectively hold $124 billion in US Treasury debt overseas, the UK's Bureau of Investigative Journalism reported Wednesday. The debt is kept offshore so the companies can earn interest on the treasuries without worrying about paying taxes.
That some of the largest technology companies in the world are holding so much interest-bearing debt and not having to pay taxes might not resonate well with individuals looking down the barrel at an April 15 personal income tax filing date and big tax bill. Still, the companies are acting well within US law, so they're not violating any regulations.
Apple - USE TAG
reading•Apple, Microsoft among firms earning tax-free interest from US -- report
Aug 18•The first 6 things to do when you get an Amazon Echo
Aug 18•iPhone X vs. Google Pixel 2 XL: Which flagship phone is the best?
Aug 18•Apple gets hacked from Australia, and catches flak in Japan and Turkey
Aug 18•OnePlus 6T will launch with T-Mobile, its first US carrier partner