Apple may be getting all the attention from lawmakers and the news media for its offshore tax practices, but a new report finds that other major companies are using similar tactics to avoid paying taxes on billions of dollars in profits.
At least 18 companies, including Nike, Microsoft and Apple, are stashing profits in offshore tax havens likely in a bid to avoid paying taxes, according to a new report from the Citizens for Tax Justice, a left-leaning research group. If the companies brought that money home, they would pay combined more than $92 billion in U.S. taxes, the report found.
“It’s misguided to say it’s some unique thing that Apple has created," said Matthew Gardner, the executive director of the Institute on Taxation and Economic Policy, a research partner of CTJ. "A lot of big companies are very likely doing it.”
Read more @: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. Taxes: CTJ
All which could of been used to pay down that deficit