“With Congress considering big cuts to public programs, U.S. PIRG released fresh evidence that the vast majority of large companies are dodging taxes by stashing money in offshore tax havens. In a study of the top 100 publicly traded companies, as measured by revenue, the study – Offshore Shell Games – reveals that 82 maintain subsidiaries in offshore tax havens. Collectively, the companies report holding nearly $1.2 trillion offshore, with 15 companies accounting for two-thirds of the offshore cash…Every year, U.S. corporations avoid paying an estimated $90 billion in federal taxes by stashing profits in offshore tax havens. U.S. PIRG’s new study shows that while most large companies use tax havens, the benefits of offshore tax loopholes are especially concentrated among a narrow set of companies.”
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