The
500 largest American companies hold more than $2.1 trillion in
accumulated profits offshore to avoid U.S. taxes and would collectively
owe an estimated $620 billion in U.S. taxes if they repatriated the
funds, according to a study released on Tuesday.
The
study, by two left-leaning non-profit groups, found that nearly
three-quarters of the firms on the Fortune 500 list of biggest American
companies by gross revenue operate tax haven subsidiaries in countries
like Bermuda, Ireland, Luxembourg and the Netherlands.
Citizens
for Tax Justice and the U.S. Public Interest Research Group Education
Fund used the companies' own financial filings with the Securities and
Exchange Commission to reach their conclusions.
Technology
firm Apple was holding $181.1 billion offshore, more than any other
U.S. company, and would owe an estimated $59.2 billion in U.S. taxes if
it tried to bring the money back to the United States from its three
overseas tax havens, the study said.
The
conglomerate General Electric has booked $119 billion offshore in 18
tax havens, software firm Microsoft is holding $108.3 billion in five
tax haven subsidiaries and drug company Pfizer is holding $74 billion in
151 subsidiaries, the study said.
"At
least 358 companies, nearly 72 percent of the Fortune 500, operate
subsidiaries in tax haven jurisdictions as of the end of 2014," the
study said. "All told these 358 companies maintain at least 7,622 tax
haven subsidiaries."
Fortune
500 companies hold more than $2.1 trillion in accumulated profits
offshore to avoid taxes, with just 30 of the firms accounting for $1.4
trillion of that amount, or 65 percent, the study found.
Fifty-seven
of the companies disclosed that they would expect to pay a combined
$184.4 billion in additional U.S. taxes if their profits were not held
offshore. Their filings indicated they were paying about 6 percent in
taxes overseas, compared to a 35 percent U.S. corporate tax rate, it
said.
"Congress
can and should take strong action to prevent corporations from using
offshore tax havens, which in turn would restore basic fairness to the
tax system, reduce the deficit and improve the functioning of markets,"
the study concluded.
Source : Reuters
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