in tax havens, again, to avoid taxes.

Now, again, if you did this, I worked a couple of investigations like this.

If you did this, they'd come after you.

But the corporations use a loophole in the tax code called deferral to avoid paying U.S. taxes on profits of its foreign subsidiaries.

Now, these foreign subsidiaries might do the same exact thing that the U.S. subsidiaries do.

There might not even be any difference between them, but on paper, that they exist.

So therefore, it is a bona fide foreign subsidiary.

By doing this, if you're following, it's very interesting.

It reduces the profit that Apple claims in the United States.

They're still making the money. They're just not making it, quote, in the United States. They're still making the money.

They're just not making it, quote, in the United States, even though they might be.

And therefore, their tax rate on profits outside the U.S.

is next to nothing and certainly lower than the United States.

The impact, I would think, of these offshore holdings and these accounts are devastating to the economy.

With all that money sitting there and not being used and considered taxable, it's unbelievable.

No serious elected officials ever talked about this.

And therefore, you know that nothing's going to change.

We talk about hedge fund.

Hedge funds around the world and investment funds.

And when you look at the – again, this is just Apple. apple okay when you look at this and you have who knows

what it is by now it was 250 260 billion it's probably 350 400 billion dollars when you

have that sitting and invested in other things outside the country

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