Microsoft recently revealed that the IRS said it owes nearly $29 billion in back taxes. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementThe IRS says Microsoft owes nearly $29 billion in back taxes — and it might signal a greater spotlight on how much tech titans are paying in taxes. Since 2004, we have paid over $67 billion in taxes to the U.S."AdvertisementAdvertisementWhat it means for other tech giantsMicrosoft isn't alone . In the US, around $165 billion in profits were shifted, and the US saw a 16% loss in corporate tax revenue.

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Persons: —, Daniel Goff, Natasha, Janet Yellen, Ludvig Wier, Gabriel Zucman, It's, it's Organizations: Microsoft, Service, IRS, titans, Yale Law School, Treasury Department, Danish Ministry of Finance, UC Berkeley Locations: Puerto Rico, U.S