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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.
Report: Big business no stranger to offshore tax havens
Read on to learn more about companies identified in the report
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.
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.
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.
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.
Photo by Justin Sullivan/Getty Images
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.
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.