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That massive stash of cash held overseas to avoid taxes by tech giants like Apple Microsoft and...

That massive stash of cash held overseas to avoid taxes by tech giants like Apple Microsoft and Google (among many others)? Much of it is sitting in the States - in domestic bank accounts, Treasurys, and corporate bonds. As long as the money doesn't flow to the parent company though, it's not subject to tax. Absurdity doesn't begin to describe the tax system.
Comments (5)
  • begin is spelled b-e-g-i-n not "being". try again.

     

    who writes these quips anyway? identify yourself :)
    23 Jan 2013, 08:59 AM Reply Like
  • Our tax system makes perfect sense once you realize that one of the main objectives is to enable politicians to "sell" exemptions and loopholes in exchange for campaign contributions and votes.
    23 Jan 2013, 09:02 AM Reply Like
  • Corporations should not be taxed anyway and would not need to be taxed if the goal of the tax system was to pay for services instead of wealth transfer. Every dollar in taxes is a dollar not available to pay salaries or is a dollar added to the cost of goods. Both are bad for the average tax payer.
    23 Jan 2013, 09:27 AM Reply Like
  • This is the 'permanently invested overseas' part of the tax return. Simple way to reduce tax outlay... Perfectly legal.

     

    As long as they pay taxes on it when they try and 'bring it home'. Otherwise it's pure tax evasion.

     

    I'd like a 'permanently invested towards my well being' exemption on my taxes please, it'll just be money in the bank I don't touch... until I get enough lobbyists to convince our leadership of providing me with a 'tax holiday.'
    23 Jan 2013, 09:45 AM Reply Like
  • I know this item was a cue for me to be outraged, but... yes, of course a "foreign" entity (including a foreign subsidiary of a US company) can hold a bank account in the US without it automatically becoming subject to US taxes.

     

    Say a Russian citizen has a business that does all its commerce in Russia, and that person holds dollars in a US account. Should his business income be taxed by the IRS?

     

    I understand the much broader context of "foreign created income" by US-based companies, but this particular tidbit is irrelevant?
    23 Jan 2013, 11:08 AM Reply Like
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