Corporations and tax havens

Most large, publicly held U.S. corporations use offshore tax havens, such as the Cayman Islands, to save money, according to a report released Thursday by U.S. PIRG.

Read more: Report: Big business no stranger to offshore tax havens

Read on to learn more about companies identified in the report

Citigroup

Amount in offshore accounts: $42.6 billion

Citigroup, which was bailed-out by taxpayers during the 2008 financial crisis, currently ranks 8th for most money kept offshore among U.S. multinational companies.

Pfizer

Amount in offshore accounts: $73 billion

The drug company has reported no federal taxable income for the past five years, despite making 40% of its sales in the U.S. between 2010-2012.

Caterpillar

Amount in offshore accounts: $15 billion

A long-time global tax manager, turned whistleblower, within the company alleged that Caterpillar evaded more than $2 billion in income tax by using Swiss banking jurisdictions.

Google

Amount in offshore accounts: $33.3 billion

The tech giant used a technique known as the "Double Irish," which involved shifting profits through Ireland, the Netherlands and Bermuda, to save billions in taxes.

General Electric

Amount in offshore accounts: $108 billion

GE keeps the most money offshore of any U.S. company and maintains 18 tax haven subsidiaries around the world.

Microsoft

Amount in offshore accounts: $60.8 billion

By attributing nearly half of its revenue from American sales to Puerto Rico, Microsoft has been able to save $4.5 billion in federal income taxes over three years.

Bank of America

Amount in offshore accounts: $17.2 billion

Another company that was kept going by U.S. taxpayers, Bank of America would owe $4.5 billion in federal taxes if not for its 311 subsidiaries in tax havens.