Siliconvalley.com’s Kim Dixon reports: Apple, Microsoft, Pfizer and other big U.S. multinational corporations boosted cash held offshore in 2012, likely in an effort to flee U.S. taxes, said a report released on Tuesday. Technology and drug companies topped the list of companies adding at least $5 billion each to offshore holdings, said the report from left-leaning tax group Citizens for Tax Justice.
It is not always clear why companies keep cash abroad. A related CTJ study suggested tax was a factor. That study examined filings of 47 companies that disclosed tax liabilities if they had brought funds into the United States. "A startling number of them admit they have paid little or no taxes on this income which is a pretty good indicator these profits are sitting in low tax or offshore havens," said Matthew Gardner, the author of the CTJ study….