The Real Deal New York

The top 10 companies with overseas holdings that could soon be taxed

Trump's new tax code could put these companies' offshore earnings under the gun
November 04, 2017 04:00PM

(eFile989/Flickr, front; fancycrave1/Pixabay, back)

Under the House Republicans’ new tax bill, some of the largest U.S. companies’ overseas cash earnings could be taxed at 12 percent. According to Goldman Sachs, American companies’ offshore holdings total $3.1 trillion — of these funds, taxes are not owed until the companies repatriate them to U.S. accounts, according to the current tax code.

Here are the top 10 companies, ranked by Bloomberg in order of the size of the overseas holdings, that would get slapped with the new tax:

1. Apple

(Pixabay)

2. Microsoft

(Pixabay)

3. Cisco Systems

(Credit: Prayitno)

4. Alphabet

(Shawn Collins)

5. Oracle

(Peter Kaminski)

6. Johnson & Johnson

(Open Grid Scheduler/Flickr)

7. Amgen

(Coolcaesar/Wikimedia Commons)

8. Gilead Sciences

Stock office photo (Pixabay)

9. Qualcomm

(Kārlis Dambrāns)

10. General Electric

(Momoneymoproblemz/Wikimedia Commons)

[Bloomberg] — E.K. Hudson