Monday, November 4, 2024
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Study: Apple tops list of biggest tax-avoiders using tax shelters abroad

According to a new study authored by researchers from Citizens for Tax Justice, the Institute on Taxation and Economic Policy and the U.S. PIRG Education Fund, 73% of U.S. Fortune 500 firms — more than 300 corporate giants — have money stashed in tax shelters abroad, including the Netherlands and Bermuda. Five of the top 10 biggest tax-avoiders — ranked by dollar amount held offshore — are big tech companies, with Apple ranked as No. 1 and Microsoft at No. 3.

Using corporate tax loopholes isn’t illegal, and, as this Money article notes, plenty of companies take part. According to the report, by stashing more than $200 billion overseas, Apple has avoided more than $65 billion in U.S. taxes — legally. Here’s the full top 10 list, ranked by amount of money held offshore:

  • Apple: $214.9 billion
  • Pfizer: $193.6 billion
  • Microsoft: $124 billion
  • General Electric: $104 billion
  • IBM: $68.1 billion
  • Merck: $59.2 billion
  • Google: $58.3 billion
  • Cisco Systems: $58 billion
  • Johnson & Johnson: $58 billion
  • Exxon Mobil: $51 billion
Dennis Sellers
the authorDennis Sellers
Dennis Sellers is the editor/publisher of Apple World Today. He’s been an “Apple journalist” since 1995 (starting with the first big Apple news site, MacCentral). He loves to read, run, play sports, and watch movies.