Big California corporations parking $262 billion offshore

[Newsjock]

Source: Sacramento Bee

A dozen of California's largest corporations are holding nearly $262 billion in foreign earnings in offshore subsidiaries to shield the money from American taxation, according to a new study by a consumer advocacy group.

The 12 are on a list of 105 publicly traded American corporations collectively holding $1.17 trillion in earnings offshore, according to the study by a coalition of state Public Interest Research Group affiliates, including CALPIRG in California.

... Chevron, California's largest corporation, is holding $26.5 billion, the report says, and others from the state on the list, by size of the firm, include Hewlett-Packard, $33.4 billion; McKesson, $3.8 billion; Apple, $82.7 billion; Wells-Fargo, $1.3 billion; Intel, $17.5 billion; Safeway, $1.3 billion; Cisco Systems, $41.3 billion; Walt Disney, $566 million; Sysco, $910 million; Google, $33.3 billion; Ingram Micro, $2.1 billion; and Oracle, $20.9 billion.

Read more: http://blogs.sacbee.com/capitolalertlatest/2013/07/big-california-corporations-parking-262-billion-offshore.html

[FredisDead]

1. I am not surprised that a

conservative company like Apple has the most offshore holdings.