According to the study, the 500 largest American companies cover more than $2.1 trillion abroad to avoid U.S. taxes, have approximately $620 billion in case of return of these funds, according to Vestifinance. Apple holds abroad more than $180 billion.
Two nonprofit research groups have shown that 2/3 of the firms from the list of 500 largest firms in the U.S. Fortune magazine founded subsidiaries in such jurisdictions with low taxes (offshore companies – editor’s note), the skeleton as Bermuda, Ireland, Luxembourg and the Netherlands.
The center for tax justice and the U.S. Research group education Fund conducted its own research in this area. Apple holds abroad $to 181.1 billion If the assets were in the Americas, the company would have had to pay $59,2 billion in taxes.
Conglomerate General Electric hides $119 billion in 18 subsidiaries, Microsoft – $108.3 billion in 5-year, pharmaceutical company Pfizer – $74 billion in 151st.
At least 358 companies, accounting for 72% of Fortune have subsidiaries in countries with low taxes. According to the study, this is approximately 7622 subsidiaries.
“Congress can and should prohibit companies go offshore. This will help to restore fairness to our tax system, to reduce the budget deficit and improve the functioning of markets”, – stated in the materials research.
57 companies openly declare that they would pay $184,4 billion, if the assets were not hidden in offshore zones. According to overseas profit tax is 6% and in the USA – 35%.
