posted on Oct, 13 2011 @ 12:08 PM
U.S. companies are sitting on at least $1.375 trillion in earnings in their foreign subsidiaries on which they have paid no federal income taxes,
according to a May report by JPMorgan Chase & Co. Companies including Google, Cisco Systems Inc. (CSCO), Pfizer Inc. (PFE), Apple Inc. (AAPL) and
Microsoft Corp. (MSFT) are lobbying Congress for a tax holiday on bringing home those profits, which would otherwise be subject to U.S. income tax at
the 35 percent corporate rate with a credit for foreign taxes already paid.