Big Tech $100 Billion Foreign-Profit Hoard Targeted by Tax Plan

Logo: Bloomberg Law

By Jackie Davalos and Alistair Barr 

Technology giants led by Apple Inc. and Microsoft Corp. disclosed more than $100 billion in profit outside the U.S. in their last fiscal years, making them prime targets of President Joe Biden’s proposals to boost taxes on earnings stashed overseas. The tax proposals, unveiled this month to help foot the bill for massive infrastructure plans, target common tactics used by U.S. multinationals such as stashing income-generating assets in low-tax offshore jurisdictions. The tech industry is particularly adept at shifting profits to tax-friendly locales because its main assets -- software code, patents and other intellectual property -- are relatively easy to move around compared to factories and other physical assets.

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By Jackie Davalos and Alistair Barr, posted on Thursday April 22, 2021
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