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Profits for U.S. companies are at a record high, yet companies have hoarded nearly one trillion overseas to dodge U.S. taxes, a new Moody’s analysis shows.

The findings, based on an analysis that looked at U.S. non-financial, Moody’s-rated companies, also reveal that these companies had stockpiled $1.64 trillion in cash at the end of 2013. That’s about up about 12 percent from the year before.

Leading the pack of cash hoarders is Apple, which stockpiled $158.8 billion last year.

One of the companies exploiting tax loopholes to avoid paying U.S. taxes is Peoria, Illinois-based Caterpillar, which was scrutinized Tuesday at a Senate Permanent Subcommittee on Investigations hearing.

“Caterpillar is an American success story that produces iconic industrial machines. But it is also a member of the corporate profit-shifting club that has transferred billions of dollars offshore to avoid paying U.S. taxes,” Subcommittee Chairman Carl Levin said in his opening statement.

Current polices incentivize such practices because companies don’t have to pay taxes on profits from these overseas subsidiaries if the money isn’t brought back to the United States.

“From 2000 to 2012,” Levin stated, “Caterpillar shipped $8 billion in profits to its Swiss affiliate, reducing Caterpillar’s U.S. tax bill by $2.4 billion.”

That kind of loss of revenue has real impacts on Americans, Levin added, because it “increases the tax burden on working families, and it reduces our ability to make investments in education and training, research and development, trade promotion, intellectual property protection, infrastructure, national security and more – investments on which Caterpillar and other U.S. companies depend for their success.”

This echoes findings from a report released last week showing that the decrease in corporate tax revenues has “demonstrably harmed state and federal budgets and the provision of services those funds pay for.”