Tax evasion

Corporate America loves tax havens. It’s costing the US more than $100 billion.

The top 50 companies in the United States – which include Goldman Sachs, Walmart, Apple, and IBM – have concealed more than a trillion dollars offshore in 1,600-plus offshore subsidiary companies while still receiving trillions in federal loans, loan guarantees, and bailout assistance, the nonprofit charity Oxfam claims in a new report released Thursday.

"Corporate tax dodging costs the US an estimated $100 billion each year, a gap that the average American taxpayer would have to shell out an extra $760 to cover," the report said. Oxfam analyzed the largest 50 companies over a period of six years, comparing their reported profits, offshore holdings, and paid taxes.

Apple led among the 50 companies, with $181 billion in offshore holdings spread across three offshore subsidiaries, followed closely by General Electric, which had $119 billion in offshore holdings among 18 offshore subsidiaries while also receiving $27 billion in federal money.