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Apple Added More To Its Offshore Holdings Than Any Other U.S. Company Last Year: Study

Apple's Boosting Its Offshore Profits Faster Than Anyone Else

In 2012, Apple added more to its offshore profit holdings than any other company, according to a March report by Citizens for Tax Justice.

The company's method of holding profits overseas isn't new -- and it's not necessarily illegal -- but it was the focus of a Senate hearing on Tuesday in which Apple CEO Tim Cook defended the company's tax strategies, which allowed Apple to pay a 2 percent tax on $74 billion in profits.

Apple of course isn't the only company doing this. The tech giant, along with some of America's largest companies, held at least $1.9 trillion in assets abroad, according to Bloomberg. General Electric, which held $108 billion overseas in 2012, topped Bloomberg's list of U.S. companies with the most cash held offshore.

The Huffington Post's request for comment from Apple was not immediately returned.

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