Consumer group cites overseas profit stash

dwalters@sacbee.comAugust 1, 2013 

A dozen of California's largest corporations are holding nearly $262 billion in foreign earnings in offshore subsidiaries to avoid paying U.S. taxes, according to a new study by a consumer advocacy group.

The 12 are on a list of 105 publicly traded American corporations collectively holding $1.17 trillion in earnings offshore, according to the study by a coalition of state Public Interest Research Group affiliates.

Chevron, California's largest corporation, is holding $26.5 billion offshore, the report says, and others from the state on the list, by size of the firm, include Hewlett-Packard, $33.4 billion; McKesson, $3.8 billion; Apple, $82.7 billion; Wells Fargo, $1.3 billion; Intel, $17.5 billion; Safeway, $1.3 billion; Cisco Systems, $41.3 billion; Walt Disney, $566 million; Google, $33.3 billion; Ingram Micro, $2.1 billion; and Oracle, $20.9 billion.

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