U.S. Tech Companies Hoard Billions in Offshore Tax Havens
The study, conducted by Citizens for Tax Justice and the U.S. PIRG Education Fund, notes that the number of tax haven subsidiaries is not directly connected to the amount of taxes dodged by a company. On the contrary, some companies now report fewer subsidiaries in tax haven countries than they did in 2008 while reporting significant increases in the amount of cash they hold abroad. The study offers two possible explanations for this occurrence: First of all some companies may choose not to report all of their subsidiaries because the SEC’s penalties for failing to do so are pretty lax and secondly companies could simply consolidate more income in fewer offshore subsidiaries, often in structures dubbed “Double Irish”.

Description
This chart shows how much money U.S. tech companies hold in offshore subsidiaries to avoid U.S. taxes.