There’s a lot of hoopla about large companies storing their cash outside of the United States. According to Bloomberg New a handful of large technology companies currently have $2.1 trillion sitting in offshore banks:
Eight of the biggest U.S. technology companies added a combined $69 billion to their stockpiled offshore profits over the past year, even as some corporations in other industries felt pressure to bring cash back home.
Microsoft Corp., Apple Inc., Google Inc. and five other tech firms now account for more than a fifth of the $2.10 trillion in profits that U.S. companies are holding overseas, according to a Bloomberg News review of the securities filings of 304 corporations. The total amount held outside the U.S. by the companies was up 8 percent from the previous year, though 58 companies reported smaller stockpiles.
Ironically it’s the progressives that are making the biggest stink about this. They are bitching that the tech companies are being irresponsible by not bringing the money back into the country where it can be taxed. I say this is ironic because progressives like to claim they oppose war, militarized police, and violations of human rights. All of those things are made possible because of tax dollars.
By keeping that money outside of the United States these tech companies are preventing the state from extract tax revenue. That means it has fewer resources to build bombs; outfit local police departments with armored personnel carriers and cell phone interceptors; and hire more law enforcers to harass minorities, the homeless, and other people powerless to defend themselves.
Every company should strive to keep as much money as it can outside of the United States. Only by depriving the state of resources can we force it to either collapse or cancel rights violating programs that it can no longer afford to fund. I would even go so far as to say this practice furthers agorist goals even if it isn’t necessarily anti-state in its entirety (since other states are usually collecting some kind of tax revenue).
Instead of condemning these companies for keeping their cash overseas we should be cheering them on. We’re not going to vote our way out of this imperialistic police state but we may be able to force our oppressors’ hand into pulling back many of its more egregious practices.