(Hartford, Conn./CBS Connecticut) – A new study shows three-quarters of Fortune 500 companies stash billions in overseas accounts, including some Connecticut-based firms.
The study by ConnPirg, the Connecticut Public Interest Research Group, along with the Institute on Taxation and Economic Policy, shows $2.5-trillion squirreled away in offshore accounts.
ConnPirg’s Kate Cohen says it translates to $718-billion in tax lost.
She says it’s all perfectly legal but she says many small businesses can’t afford an army of tax attornies to take advantage of tax loopholes, while passing the additional tax burden on to Americans.
Among the Connecticut companies mentioned in the study are Cigna, Xerox, and United Technologies, with a collective $40 billion stored in offshore accounts.