London: As many as top 50 US companies, including the likes of Apple, Walmart, General Electric, Microsoft, Google and Coca-Cola have a whopping $1.4 trillion stashed in offshore tax havens, an Oxfam report has revealed.
“The 50 biggest US companies, including global brands such Pfizer, Goldman Sachs, Dow Chemical, Chevron, Walmart, IBM, and Procter and Gamble, have stashed more than a trillion dollars offshore and used more than 1,600 subsidiaries in tax havens to avoid billions of dollars in tax each year,” a report by anti-poverty charity Oxfam America said.
The Oxfam’s report titled ‘Broken at the Top’, comes on the heels of the Panama Papers scandal revealing a secret multi-billion dollar trail to tax havens where corporations and wealthy stash their fortunes.
Technology giant Apple tops Oxfam’s list with $181 billion held offshore while General Electric comes second with $119 stored in tax havens, The Guardian said.
Microsoft, which comes at third with $108 billion stashed offshore, Pfizer, Google’s parent company Alphabet and Exxon Mobil also feature amongst the top ten companies in the Oxfam list, it said.
The report reveals that the same companies were also among the largest beneficiaries of US taxpayer funded support, and received $11 trillion in federal loans, loan guarantees and bailout assistance during 2008-2014.
The other companies in the report include American Express, American International Group (AIG), Amgen, AT and T, Bank of America, Berkshire Hathaway, Boeing, Capital One Financial, Caterpillar, Cisco Systems, Citigroup, Comcast, ConocoPhillips, CVS Health, Ford Motor, General Electric, General Motors, Goldman Sachs, Hewlett-Packard, Home Depot, Honeywell International, Intel, Johnson and Johnson, JPMorgan Chase, Merck, MetLife, Morgan Stanley, Oracle, PepsiCo, Phillips 66, Prudential Financial, Qualcomm, Twenty-First Century Fox, Inc., United Technologies, UnitedHealth Group, US Bancorp, Verizon Communications, Walt Disney, and Wells Fargo.For all the latest Business News, download NewsX App