U.S. tech companies are hoarding billions of dollars in profits overseas and away from the U.S. tax man, according to a new tally from Bloomberg that found Microsoft and IBM together reported more than $120 billion in untaxable foreign profits last year. The politically charged issue has led to a call from the CEOs of Apple and Cisco Systems for another tax holiday, like the one tried in 2004, that would allow U.S. firms to repatriate profits at a rate below the current 35%, but skeptics say the 2004 holiday did little to spur economic growth.

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