Microsoft has over $90 billion in cash stored overseas

Microsoft’s stash of cash stored overseas, not subject to U.S. taxes, is growing. In its latest regulatory filing, the software giant said it has now stockpiled $92.9 billion offshore and that this money could have cost the company $29.6 billion in taxes, but didn’t. That compares to $76.4 billion from the previous year, worth an estimated tax bill of $24.4 billion, according to a report released in May from Washington think tank Citizens for Tax Justice.

Microsoft holds $92.9 billion of earnings in accounts outside of the United States, saving the company almost $30 billion in taxes. The U.S. government, along with plenty of other critics, claims Microsoft is dodging its economic responsibilities as an American company. Microsoft says the practice is business as usual. Corporate taxes have become a flashpoint as major corporations continue to park massive sums of money in foreign accounts. The move helps companies avoid paying those sums to Uncle Sam. The sums above are not disputed by Microsoft; the company admitted as much in its filings with the Securities and Exchange Commission. A report by the International Business Times found that the amount represents a significant increase from past years. What Microsoft does not admit is the reason that money is kept overseas. The company claims that the cash was generated by its operations outside the U.S. and will be spent outside the U.S.