Apple Inc., whose CEO Tim Cook is a major Hillary Clinton supporter and donor, has been named the biggest U.S. corporate tax avoider by a group that monitors the issue.
The tech giant avoided paying $65 billion in U.S. taxes on $215 billion its offshore subsidiaries took in last year, according to a new report from Citizens for Tax Justice (CTJ), a progressive Washington D.C. think tank.
The study found that Fortune 500 companies avoided paying $716 billion in U.S. taxes on $2.4 trillion in offshore profits booked last year. Corporations’ use of so-called tax inversions has become a presidential campaign issue, with Clinton criticizing companies that set up offshore subsidiaries in order to lower their federal income tax payments.
“Congress should act immediately to prevent corporations from engaging in inversions, where businesses move their corporate residence abroad on paper in order to escape paying their fair share of taxes,” reads a post on Clinton’s campaign website laying out her corporate tax policy.