Top U.S. firms double amount of profit held abroad to avoid taxes

|By:, SA News Editor

Profits that major U.S. corporations have parked overseas in order to avoid taxes at home jumped 93% to $2.1T in 2008-2013, research firm Audit Analytics has calculated.

GE (GE) held the most amount of money abroad with $110B and Microsoft (MSFT) was second with $76.4B, after which comes Pfizer (PFE) with $69B, Merck (MRK) with $57.1B and Apple (AAPL) with $54.4B.

The numbers have prompted fresh calls for an overhaul of the tax code, including from Senate Finance Committee Chairman Ron Wyden.