Chevron. Exxon Mobil. General Electric. Apple. Microsoft. Pfizer. Merck. Johnson and Johnson. These companies have something in common: they have stashed their profits overseas to avoid paying taxes while waiting for the next tax holiday where they can bring back the profits and get taxed at a much lower rate – usually in a single digit, which is lower than what most Americans pay. And they are making billions each.
According to a new report that just came out, just 26 companies account for more than half of the $2.1 trillion in untaxed profits U.S. corporations are currently holding offshore. That’s $364 billion they owe in taxes that could be used to build and repair the country’s crumbling roads, bridges, wastewater and storm water systems, IT and transportation infrastructures that every business relies on to make profits.
These firms grew their offshore profits by more than 20 fold since the last tax holiday in 2004. What’s even more outrageous is that there are three pending bills that would allow these companies to get away with much lower tax rates.
Are you outraged yet? Read the rest of the report here.