CHARLOTTE, N.C. - A report released Thursday shows you could be paying the price for Charlotte-area companies stashing billions of dollars in offshore tax havens.
Taxpayer watchdogs said Bank of America, Duke Energy and Lowe’s store profits overseas which helps them avoid paying taxes in the U.S.
It’s perfectly legal due to loopholes in the tax code.
The U.S. Public Interest Research Group said Fortune 500 companies nationwide avoid paying $90 billion in taxes each year.
“For the average person, that means paying higher taxes, facing cuts to public programs, or just seeing a higher deficit,” said U.S. Public Interest Research Group representative Dan Smith.
Apple is the Fortune 500 company with the most money stored in offshore tax havens with $111 billion.
Even Apple said it wants Congress to reform the tax code.
But so far, bills to close loopholes are going nowhere on Capitol Hill.
“This is just a problem that lawmakers looking to lower the budget deficit, fund public priorities, just can't ignore anymore,” Smith said.
Here is a breakdown of local companies with amounts stored offshore:
Bank of America - $17 billion
Duke Energy - $1.7 billion
SPX - $1.6 billion
Nucor - $222 million
Lowe's - $51 million
Family Dollar Stores - amount unknown
Sonic Automotive - amount unknown
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