GE, Pfizer Face $506 Billion Foreign-Cash Tax in Obama Plan
The Microsoft Worldwide Partner Conference in Washington, D.C., on July 16, 2014.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
U.S. companies including General Electric Co., Microsoft Corp. and Pfizer Inc. would pay $506 billion over the next decade under President Barack Obama’s proposal to encourage them to bring back profits held overseas.
That trio tops the list of Standard & Poor’s 500 Index companies in earnings reinvested outside the U.S., according to Bloomberg Intelligence analysts Brian Friel and Tiffany Young. Obama’s budget estimates the stockpile of corporate earnings outside the U.S. at about $2 trillion.