By Andrew McGlone | March 16, 2018, 5:30:01As technology companies ramp up their investment in the United States, one of the biggest winners in the sector is the technology industry itself.
The Federal Reserve Bank of New York released its annual report on March 17, showing that U.S. tech companies added $6.9 trillion to the economy in the first three months of 2018.
The report found that, with $1.8 trillion in investments in new businesses and technology, U.s. tech firms are adding $10 trillion in revenue each year to the U. S. economy.
However, a number of the companies that have been listed on the New York Fed’s list of high-growth stocks have been criticized for not paying taxes.
According to the New Yorker, the biggest tax avoidance issue is Apple, which reported $2.2 billion in profits in 2018.
While Apple pays no corporate income tax, many tech companies have been accused of avoiding taxes on their income by using shell companies.
In 2016, the New Jersey Senate passed a resolution calling on the U,S.
Treasury Department to “require companies that pay no corporate tax to register with the Department of Treasury and pay their fair share of federal taxes.”
In a statement, Apple CEO Tim Cook said the company pays all taxes owed, “and we intend to continue to do so.”
Apple’s stock has surged over the past two years, thanks to an increase in its iPhone and iPad sales.
The company reported a record $72 billion in sales in 2018, with an additional $1 billion in revenue.
But the company has also been criticized by many economists for not making significant tax payments.
According the New Republic, Apple’s tax rate was just 35.5% last year, a figure that is still lower than many of its competitors.
And Apple’s total federal taxes paid in 2018 totaled $1,939 billion, more than the combined tax rates of Amazon and Google.