How U.S. companies are avoiding $695 billion in taxes – The Washington Post

U.S. companies stashed another $200 billion in profits overseas last year, escaping billions in taxes, and escalating a battle with Congress over the country’s complex tax code.

The amount of unrepatriated foreign profits reached $2.4 trillion, according to Citizens for Tax Justice, allowing companies to avoid up to $695 billion in taxes. The total for foreign profits is up from $2.2 trillion the previous year, according to the advocacy group which reviewed the Securities and Exchange Commission filings of Fortune 500 companies. Apple, Microsoft and Pfizer increased their stockpile of overseas profits the most.

via How U.S. companies are avoiding $695 billion in taxes – The Washington Post.

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