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
