Yesterday, Citizens for Tax Justice released a brand new report that detailed how 92 major corporations hid their profits (some of which were earned in the United States) in offshore accounts that aren’t subject to US taxes. The report highlights 10 companies with especially egregious track records:
Ten particularly aggressive companies report that their offshore profit holdings have grown by more than $5 billion each in just the past year. Apple Inc. reports adding $28 billion in offshore cash in the past year, while Microsoft’s offshore stash increased by $16 billion. Other Fortune 500 companies adding at least $5 billion offshore in the past year include Pfizer, Merck, Google, Abbott Laboratories, Johnson & Johnson, Citigroup, IBM, and General Electric. These ten companies increased their offshore profit holdings by a total of $107 billion in just the past year.
In all, the report says that in the past four years, corporations have shifted more than half a trillion dollars overseas. The fact that it’s legal for corporations to do this while regular Americans have to pay taxes on their income earned is absurd. We need tax reform to stop allowing corporations to do this.
Check out the entire report here, and share it with your friends.