Companies are stashing away billions overseas

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Washington politicians could slash the budget deficit by just tapping into the foreign profits of the top 20 American companies.

The upper tier of the Fortune 50 has burrowed away $743 billion in total profits in offshore accounts, a bounty that would yield about $119 billion for the Treasury, according to a study by NerdWallet Taxes.

With the budget deficit running at $642 billion, getting back some of that foreign-stashed cash could make a big dent.

While addressing the foreign tax havens has gained a lot of chatter, few elected officials have taken any action for fear of alienating corporate titans who can hold the key to national political careers.