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Big U.S. companies are holding wholesale nike shoes more than $2.1 trillion in profits overseas and are avoiding paying about $620 billion in U.S. taxes, according to a study released Tuesday.
The study by liberal groups cheap nike shoes wholesale Citizens for Tax Justice and the U.S. PIRG Education Fund found that nearly three-quarters of Fortune 500 companies had at least china wholesale nike shoes one tax-haven subsidiary in 2014. Bermuda and the Cayman Islands were the most popular tax-haven destinations.
Companies including Apple AAPL, -0.48% , Nike NKE, -0.88% and Pepsi PEP, +1.49% were named among the "nike shoes wholesale free shipping worst offenders" by the groups. Apple, for example, reportedly has booked more than $181 billion offshore, more than any other company. That has allowed the iPhone maker to avoid over $59 billion in U.S. taxes, according to the report.
The top corporate tax rate in the U.S. is 35%. In 2013, Apple CEO Tim Cook told a Senate panel that the company wholesale nike shoes outlet pays all the taxes it owes and said that bringing its overseas cash back to the U.S. would be "very expensive." He called for a single-digit percentage if foreign earnings were to be repatriated.
The report comes a day after the Organization for Economic Cooperation and Development released a plan that wholesale nike shoes free shipping aims to end tax shelters and require companies to pay taxes in the countries where they earn profits.
There is also movement in Congress to give corporations a one-time tax break on overseas profits to finance a sweeping infrastructure package. Corporate taxes are figuring into the wholesale nike shoes from china presidential race as well, with Donald Trump, for example, calling for a one-time repatriation of cash held abroad.
The report said multinationals' use of tax havens allows them to avoid about $90 billion in federal income taxes a year.