Sending profits away keeps the taxman at bay.
That's the motto that Apple, along with dozens of other companies, has subscribed to in an effort to skirt high tax bills in the U.S., according to a new report by The Citizens for Tax Justice. In fact, Apple tops the list of 92 companies adding the most to their profits overseas in 2012. Altogether, these companies have put more than $229 billion out of Uncle Sam's reach in the last year, in part by shifting profits made in the U.S. to foreign tax havens, the report found.
U.S. companies have a record $1.9 trillion or more held abroad, according to a Bloomberg report. General Electric has the most profits parked overseas, holding a total of $108 billion in foreign countries.
While holding profits offshore to delay paying taxes on them isn't technically illegal, the practice will cost the government $600 billion in lost tax revenue over the next decade unless the law is changed, according to the CTJ.
Here are the 10 companies that added the most to their offshore profit holdings over the past year, according to the Citizens for Tax Justice: