Many large U.S.-based multinational corporations (click here) avoid paying U.S.
taxes by using accounting tricks to make profits made in America appear
to be generated in offshore tax havens—countries with minimal or no
taxes. By booking profits to subsidiaries registered in tax havens,
multinational corporations are able to avoid an estimated $90 billion in
federal income taxes each year. These subsidiaries are often shell
companies with few, if any employees, and which engage in little to no
real business activity.
Congress has left loopholes in our tax code that allow this tax avoidance, which forces ordinary Americans to make up the difference. Every dollar in taxes that corporations avoid by using tax havens must be balanced by higher taxes on individuals, cuts to public investments and public services, or increased federal debt.
This study examines the use of tax havens by Fortune 500 companies in 2013. It reveals that tax haven use is ubiquitous among America’s largest companies, but a narrow set of companies benefit disproportionately.
Most of America’s largest corporations maintain subsidiaries in offshore tax havens. At least 362 companies, making up 72 percent of the Fortune 500, operate subsidiaries in tax haven jurisdictions as of 2013....
Congress has left loopholes in our tax code that allow this tax avoidance, which forces ordinary Americans to make up the difference. Every dollar in taxes that corporations avoid by using tax havens must be balanced by higher taxes on individuals, cuts to public investments and public services, or increased federal debt.
This study examines the use of tax havens by Fortune 500 companies in 2013. It reveals that tax haven use is ubiquitous among America’s largest companies, but a narrow set of companies benefit disproportionately.
Most of America’s largest corporations maintain subsidiaries in offshore tax havens. At least 362 companies, making up 72 percent of the Fortune 500, operate subsidiaries in tax haven jurisdictions as of 2013....
