US companies are ‘hoarding’ a record $2.5 trillion of cash overseas
|09/19/2016||Posted by BusinessMediaguide.Com under General World News||
The recent fight between Apple, Ireland, and the European Union has once again shined a spotlight on the growing trend of US companies storing cash overseas to avoid taxes.
In fact, the amount of cash held by US-based companies in foreign countries hit a record $2.5 trillion in 2015, which is roughly 14% of the US’ total GDP, according to Andrew Hunter, an economist at Capital Economics, who described the increase as companies “hoarding” cash overseas.
Hunter notes that many firms are keeping the cash abroad to avoid the US’ 35% corporate tax rate (though to be fair, companies <a target="_blank" read more >>>