24/7 Wall St – “The U.S. economic system encourages cost-cutting at every stage of business. While taxes are a yearly expense for small businesses, working families, and individuals, large U.S. companies avoid billions in taxes each year on cash held in offshore bank accounts. The current level of global wealth inequality, which is widely expected to widen under reforms proposed by President Donald Trump and congressional leaders, is unprecedented. According to anti-poverty organization Oxfam America, just eight individuals possess more wealth than 3.6 billion people — half of humanity. The wealthiest 1% of people worldwide have more wealth than everyone else combined. Against this backdrop, tax avoidance is especially troubling. The 50 largest public U.S. companies currently have a combined $1.6 trillion stashed in accounts and assets overseas — according to new analysis by Oxfam. Apple is the leader, with $200.1 billion held in foreign bank accounts.

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