The Citizens for Tax Justice report shows that Ireland is the seventh most popular tax haven for Fortune 500 companies. You’ll see some other familiar names on the list: the Netherlands, the Cayman Islands, Bermuda and Switzerland.

The 362 companies have nearly $2 trillion combined sitting overseas. Including Fortune 500 firms without subsidiaries in tax haven jurisdictions and non-Fortune 500 companies brings that to over $2 trillion. That money cannot be used to pay wages or invest in the United States. Companies cannot buy back shares or issue dividends with it. Apple even issued $17 billion in debt last year for dividend and buyback programs to avoid repatriating their overseas profits and paying the 35 percent corporate rate. This money could have provided a huge boost to the U.S. economy if companies had returned it to the United States. Instead, it sits overseas, collecting dust.

While it’s easy to denigrate the multinational firms for keeping the profits abroad, the corporate tax code also deserves blame. Democrats and Republicans both agree it needs to be reformed. The 35 percent rate is the highest in the developed world. The corporate tax code contains so many tax breaks that no rational company pays that rate. Instead, they hire teams of lawyers and use complicated tax strategies to lower their tax bill in any way they can. This complex system inherently favors those with the resources to hire teams of lawyers: big, rich companies. New, small firms are at a significant disadvantage.

The corporate tax code isn’t even doing a good job collecting revenue for the federal government. Corporate tax revenue as a percent of GDP fell from a peak of more than 6 percent after World War II to approximately 2 percent over the past three decades: