A TAX loophole could be closed allowing the US government to tax domestic company profits made abroad.
BBC Business reports that President Barack Obama wants US companies to pay taxes on overseas profits raising $238bn (£158bn) to fund road projects.
His 2016 budget will impose a one-off 14% tax on US profits stashed overseas, as well as a 19% tax on any future profits as they are earned.
The spending plan, including the proposal on overseas profits, would require approval from the Republican-controlled Congress to be made law, something seen as unlikely.
Tech giants Microsoft and Apple and drugs companies Pfizer and Merck all featured in the top five.
Research firm Audit Analytics calculated last April that US firms in total have $2.1 trillion-worth of profits stashed abroad.
It found US conglomerate General Electric had the most profit stored overseas at $110bn. Tech giants Microsoft and Apple and drugs companies Pfizer and Merck all featured in the top five.
No tax is currently due on foreign profits as long as they are not brought into the United States.
As a result some companies put their earnings in low tax jurisdictions and simply leave them there.
The White House said its plans for an immediate 14% tax would raise $238bn, which would be used to fund a wider $478bn public works programme of road, bridge and public transport upgrades.
“This transition tax would mean that companies have to pay US tax right now on the $2 trillion they already have overseas, rather than being able to delay paying any US tax indefinitely,” a White House official said.
The official said that after this one-off tax, the 19% permanent tax firms would have to pay on overseas profits “would level the playing field, and encourage firms to create jobs here at home.”
The tax rate is far lower than the current US top corporate tax rate of 35%.
