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Twenty-seven U.S. companies that report holding $538 billion in untaxed profits outside the country have invested 46 percent of that total in U.S. banks or assets, according to a report by Senator Carl Levin.

Levin, a Michigan Democrat who opposes a tax break on repatriating offshore profits, released the report yesterday to counter companies’ claims that their earnings are “trapped” outside the country by the tax system, he said.

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