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From Bill Moyers report:
“Jill Treanor at The Guardian writes that a report from the ratings agency Moody’s calculates, “Some of the biggest US companies have accumulated cash piles worth almost $1.7tn (£1.1tn) – more than two thirds of it overseas… The five companies hoarding the most cash – Apple, Microsoft, Google, Cisco and Oracle – between them held $504bn by the end of last year. The tech sector held 46% of the total… “The figures will add to the controversy about companies sitting on cash as the data shows they are parking it offshore to avoid the tax bill that would be due on returning ito the US.”
About two trillion in untaxed earnings have been parked overseas.
So the tech companies want to sell their stuff to schools but avoid the taxes that pay for schooling. No wonder “the money is all gone.” It is hidden from the tax collector.
Shame on them!