U.S. companies are stashing $2.1 trillion overseas to avoid taxes

Led by big tech firms, U.S. corporations have piled profits of $2.1 trillion in low-tax countries overseas, according to Bloomberg News research.

Eight companies, including Apple Inc., Google Inc. and Microsoft Corp., account for more than one-fifth, or $69 billion, of the offshore cash. Bloomberg reviewed securities filings of 304 U.S. corporations and discovered the tally is up 8 percent from the previous year.

While total volume is up, Bloomberg reports 58 companies reported smaller stockpiles.

The stats have piqued the interest of Congress. President Barack Obama and U.S. lawmakers are trying to pull the funds back for government spending programs, but the efforts likely will require revamping the tax code.

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