Top U.S. companies, including General Electric and Apple are keeping nearly $1.2 trillion in profits offshore, The Wall Street Journal reported on Wednesday, citing a left-leaning advocacy organization.
The report by U.S. Public Interest Research Group, or PIRG, which examined the public filings of the biggest 100 U.S. publicly traded companies. According to the Journal, the organization also found that 82 companies keep subsidiaries in low-tax jurisdictions abroad.
The report comes as President Barack Obama calls for a corporate tax revamp that might remove incentives for companies to keep profits overseas. Governments around the world are moving to close loopholes in international tax rules that let multinational companies legally move profits to places that compel little or no tax.
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