Cash Abroad Rises $206B as Apple to IBM Avoid Taxes

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March 12 (Bloomberg) -- The largest U.S.-based companies added $206 billion to their stockpiles of offshore profits last year, parking earnings in low-tax countries until Congress gives them a reason not to. Peter Cook reports on Bloomberg Television's “In The Loop.” (Source: Bloomberg)

And don't want to bring it back unless they get a tax break.

That's right, they don't want to pay the higher taxes in the u.s. so they are leaving it offshore.

It was up 206 ilion dollars in 2013 based on a bloomberg review -- it was up 206 ilion dollars in 2013. -- 206 billion dollars.

Ge is number one on the offshore list, 110 billion dollars.

You can see the list of the top five.

The apple number is quadruple what it was three years ago.

They are leaving my overseas because it is cheaper.

The u.s. has the highest corporate tax rate in terms of returning the overseas profits, 35% compared to ireland at 12.5%. that is one reason why chiquita announced it is moving its headquarters to ireland.

We are talking about real money.

The annual revenue loss in the u.s. is up to $90 billion.

If microsoft brought that money back, it could be $25 billion.

There are many proposals to bring the money home but it has not happened yet.

The president and top republicans want to use some of that money for infrastructure investment and would lower the rate to get that done but there is still no deal in washington.

These numbers just highlight the problem.

What about the new numbers?

Will this move the ball in congress?

It bolsters the argument for those like republican dave camp who runs the house ways and means committee.

He released a detailed plan for overhauling the entire tax code including what happens to overseas profits.

He wants to use some of that money and he wants to bolster his argument and will get others involved.

I spoke to marco rubio yesterday and he is working on his own corporate tax overhaul which includes repatriates haitian -- repatriates haitian.

Repatriation.

We would encourage the creation of new businesses and the expansion of existing ones.

You've got some big fires in congress and the white house in agreement that this is a robb laments money needs to become back in use for better purposes and vested at home.

This is a serious heavy lift in this midterm election year with so many other issues that it will be very difficult to get this done.

Genuine agreement of bunk -- among republicans and democrats.

Thank you very much.

I am back with steve sadove, the former saks ceo and chairman of the national ceo -- of the national retail federation.

Where do you stand?

Reform of the corporate tax code is critical.

Retailers pay the highest tax rate of any segment of the industry.

We are paying 35% in terms of taxes.

The reason is that most of the businesses in the united states so that retailers are largely domestic so they are paying the high tax rates.

They are not in the same situation as apple or ibm with huge resources overseas.

They don't have a lot of money parked in other countries.

Very little so there is an interest on the part of the retailers to have corporate tax reform, lower the overall rate,

This text has been automatically generated. It may not be 100% accurate.

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