Three-quarters of that corporate cash pile was earned overseas and is being held outside the country to avoid the top U.S. corporate tax rate of 35 percent, according to a study by Standard & Poor’s Corp. It remains the highest rate in the developed world despite tax reform pledges by leaders of both major U.S. political parties.
Those guarding the mountains of overseas cash include some of the best-known names in American business, including General Motors Co., General Electric Co., Apple Inc. and Google Inc.
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