WASHINGTON (CNNMoney) - Microsoft has saved nearly $7 billion off its U.S. tax bill since 2009 by using loopholes to shift profits offshore, a Senate panel said in a report released Thursday.
Hewlett-Packard also avoided paying taxes through a series of loans, some spanning 30 months, that shifted billions of dollars between two offshore subsidiaries, according to the Senate panel.
This morning on "Early Start," Christine Romans explains how the US tax code loopholes allows for companies to shift profits offshore.
READ MORE: Senate Report: Offshore havens saved Microsoft $7B in taxes