A new report by the U.S. Public Interest Research Group Education Fund and the Institute on Taxation and Economic Policy finds that nearly three-quarters of Fortune 500 companies used offshore tax havens in 2016.
The report says that four companies — Apple, Pfizer, Microsoft and General Electric — account for a quarter of the $2.6 trillion in accumulated profits held offshore for tax purposes.
“Tax reform should inject some common sense into our tax code, and it shouldn’t balloon our deficit,” Michelle Surka of the U.S. PIRG Education Fund said in a statement. “Closing tax haven loopholes would both eliminate some of the most ridiculous tax gaming and help balance our budget.”
For more on Apple and how it might benefit from the GOP tax plan, see this analysis by Fortune’s Shawn Tully.
