Oxfam: Apple holds more money overseas than any other American company

According to a data analysis by charity group Oxfam. Apple, which made $231.1 billion in profits from 2008 to 2014, has kept the money overseas through three subsidiaries, according to the report. 

Apple reportedly ha over $181 million held offshore. Some of the other companies on the list include Alphabet (Google), American Express, AT&T, Bank of America, Boeing, Chevron, Coca-Cola, Comcast, Exxon Mobil, and Microsoft.

However, in May 2013, Apple CEO Tim Cook released a statement to the U.S. Senate defending the company's tax policies. In part the statement read:

"Apple is likely the largest corporate income tax payer in the US, having paid nearly $6 billion in taxes to the US Treasury in FY2012. These payments account for $1 in every $40 in corporate income tax the US Treasury collected last year. The Company’s FY2012 total US federal cash effective tax rate was approximately 30.5%.1 The Company expects to pay over $7 billion in taxes to the US Treasury in its current fiscal year. In accordance with US law, Apple pays US corporate income taxes on the profits earned from its sales in the US and on the investment income of its Controlled Foreign Corporations, including the investment earnings of its Irish subsidiary, Apple Operations International.

"Apple does not move its intellectual property into offshore tax havens and use it to sell products back into the US in order to avoid US tax; it does not use revolving loans from foreign subsidiaries to fund its domestic operations; it does not hold money on a Caribbean island; and it does not have a bank account in the Cayman Islands. Apple has substantial foreign cash because it sells the majority of its products outside the US. International operations accounted for 61% of Apple’s revenue last year and two-thirds of its revenue last quarter. These foreign earnings are taxed in the jurisdiction where they are earned (‘foreign, post-tax income’).”

The U.S. loses as much as $111 billion each year due to corporate tax dodging, estimates Oxfam. The charity group says this loss of revenue “prevents adequate investment in education, infrastructure and other critical public needs that can reduce poverty, create jobs and build greater economic opportunity.”

Oxfam America collected data across nine metrics for each of the 50 companies in its report to measure taxes paid, taxes avoided, federal support received and lobbying expenditures. All of the information is based on publicly available data, mostly provided by the companies themselves in their 10-K filings with the SEC.