Carly Fiorina Offshored HP Profits

January 2, 2004

"By the end of its 2003 fiscal year, Hewlett-Packard Co. had 'indefinitely' deferred taxation on $14.4 billion of foreign earnings, according to SEC filings, a move that helped lower its effective tax rate from the statutory corporate income tax rate of 35 percent to 12 percent." [Washington Post 01/02/2004]