Tech Giants Are Big Winners in Trump’s Proposed Tax Plan
Eight Silicon Valley Technology Corporations Hoarding a Half-Trillion Dollars in Profits Abroad Stand to Reap $95 Billion from Republican Tax Plan
Nov. 14, 2017 – The tax holiday proposal supported by President Donald Trump and congressional Republicans would give eight top technology corporations a $95 billion tax break. The eight tech giants collectively hold more than $502 billion offshore, much of which is booked to their 94 tax haven subsidiaries across the globe. Among technology corporations, the greatest share of offshore profits and potential tax savings come from Apple, which holds an estimated $252.3 billion in profits in 3 offshore tax haven subsidiaries. The value of the proposed tax holiday for Apple is an estimated $47.1 billion. The value of the tax cut for the other Silicon Valley corporations included in the report range from $27 billion for Microsoft to $600 million for NetApp.