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The cash reserves of U.S. companies are at near record levels, but as companies try to avoid paying tax on repatriated earnings, many have relatively little cash in the U.S., according to the Wall Street Journal. It cites a JPMorgan Chase report showing that 600 U.S. multinationals that break down the location of their cash hold about 60% of it outside the U.S., and contrasts that with a Thomson Reuters estimate that the biggest U.S. companies generate only a third of their revenue outside the U.S.

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