A new report from the advocacy group Citizens for Tax Justice finds that 301 Fortune 500 companies hold a combined $2 trillion offshore, collectively avoiding $550 billion in U.S. corporate income taxes, while a contrasting report from the Tax Foundation found that U.S. multinational corporations reported paying more than $128 billion in corporate taxes to foreign countries on $470 billion of taxable income in 2010—an effective rate of 27.2 percent before also paying U.S. taxes.
The CTJ report examines companies’ 2013 Securities and Exchange Commission filings. The report identified 28 corporations, including Apple, Bank of America, Wells Fargo, Microsoft, Nike and others, that disclosed the U.S. corporate income tax rate they would pay if they repatriated their profits.
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