The largest 500 U.S. companies would owe an estimated $620 billion in U.S. taxes were it not for the more than $2.1 trillion in offshore cash that most of the firms hold in foreign tax havens, according to a study released Tuesday.
The report (PDF), based on an analysis of company filings to the IRS and the Securities and Exchange Commission, was authored by the Citizens for Tax Justice and the U.S. Public Interest Research Group Education Fund.
It found that close to three-quarters of the 500 biggest companies by gross revenue utilize tax havens through foreign subsidiaries in countries with low tax liability, including Bermuda, Ireland, the Netherlands and the Cayman Islands.
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