Report: Apple holding $181.1 billion in offshore tax havens

Apple is holding $181.1 billion in offshore tax havens, more than any other U.S. company, Reuters reports. A study by The Center for Tax Justice and the U.S. Public Interest Research Group Education Fund examined the Security and Exchange Commission filings of the 500 largest American companies, concluding nearly three-quarters of them are collectively holding more than $2.1 trillion in accumulated profits offshore to avoid an estimated $620 billion in U.S. taxes; Apple itself would owe an estimated $59.2 billion in U.S. taxes if the company wanted to bring its overseas money back into the United States. The study concluded that “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.” Apple has generally stated in the past that the company pays all the taxes it owes.

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