Top 500 US companies keep $2.1 trillion where tax collectors can’t get it
The top 500 US companies retained $620 billion that would have otherwise been taxed and spent by the government by using overseas bank accounts, according to a report from Citizens for Tax Justice and the US Public Interest Research Group Education Fund.
“At least 358 companies, nearly 72 percent of the Fortune 500, operate subsidiaries in tax haven jurisdictions as of the end of 2014,” the report states. In total, the 500 companies keep about $2.1 trillion in tax havens outside the US, most often in Bermuda or the Cayman Islands.
New Report: 72% of Fortune 500 Companies Used Tax Havens in 2014
WASHINGTON - WHAT: U.S. PIRG and Citizens for Tax Justice will release a new report that analyzes the use of tax havens by America’s Fortune 500 companies in 2014. Many of America’s wealthiest and largest multinational corporations use tax loopholes to shift profits made in America to offshore tax havens like the Cayman Islands, where they pay little to no taxes. The study examines which companies operate subsidiaries in tax haven jurisdictions, the amount they have booked offshore, and the federal taxes they would owe if they paid the full tax rate on their profits. The report also highlights opportunities Congress could take to end incentives for companies to shift profits offshore and increase transparency.
WHEN: Tuesday, October 6th
10:00 a.m. Eastern
WHERE: The report will be available on U.S. PIRG and CTJ’s websites.
VISUALS: The report will include tables listing the companies with the most tax haven subsidiaries, most money offshore, and current tax rates being paid.
WHEN: Tuesday, October 6th
10:00 a.m. Eastern
WHERE: The report will be available on U.S. PIRG and CTJ’s websites.
VISUALS: The report will include tables listing the companies with the most tax haven subsidiaries, most money offshore, and current tax rates being paid.
U.S. PIRG, the federation of state Public Interest Research Groups (PIRGs), stands up to powerful special interests on behalf of the American public, working to win concrete results for our health and our well-being. With a strong network of researchers, advocates, organizers and students in state capitols across the country, we take on the special interests on issues, such as product safety,political corruption, prescription drugs and voting rights,where these interests stand in the way of reform and progress.
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