American companies looking to avoid paying domestic tax rates reportedly are holding about $2.6 trillion in overseas earnings.
That number has been rising steadily for years, according to new research from Capital Economics.
The top companies of overseas holdings are Apple, Pfizer and Microsoft, according to a report from the Institute on Taxation and Economic Policy. General Electric and IBM round out the top five, CNBC reported.
Apple’s stockpile of cash reportedly has topped a quarter of a trillion dollars, an unrivaled hoard that is greater than the market value of either Wal-Mart Stores Inc. or Procter & Gamble Co. and exceeds the foreign-currency reserves held by the U.K. and Canada combined, The Wall Street Journal reported.
Apple’s money, more than 90% of which is stockpiled outside of the U.S., has drawn fresh attention as President Donald Trump has proposed slashing business taxes and granting a one-time tax holiday on