Which Fortune 500 Companies Are Sheltering Income in Overseas Tax Havens? |
CTJReports
Earlier this year, the United States Congress debated creating a
“repatriation tax holiday” – an amnesty for offshore corporate profits –
that would have provided a special lower corporate tax rate for
multinational companies that bring overseas profits back to the United
States. Some observers have argued that many multinationals have been
sheltering their profits in overseas tax havens, based on the hope that
Congress will repeat the same “tax holiday” experiment it previously
undertook in 2004. A new CTJ analysis of the financial reports of the
Fortune 500 companies shows that 285 of these corporations had
accumulated more than $1.5 trillion in overseas profits by the end of
2011, and there is evidence that a significant portion of these profits
are located in tax havens.
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