taxes if these profits were not officially booked offshore. Only 55 Fortune 500 companies disclose what they would expect to pay in U.S. These 30 companies with the most money offshore-out of the 287 that report offshore profits-collectively book $1.2 trillion overseas for tax purposes. Six percent of Fortune 500 companies account for over 60 percent of the profits reported offshore for tax purposes. Furthermore, the profits that all American multinationals-not just Fortune 500 companies-collectively claim were earned in these island nations in 2010 totaled 1,643 percent and 1,600 percent of each country’s entire yearly economic output, respectively.

The 30 companies with the most money officially booked offshore for tax purposes collectively operate 1,357 tax haven subsidiaries.Īpproximately 64 percent of the companies with any tax haven subsidiaries registered at least one in Bermuda or the Cayman Islands-two notorious tax havens.

All told, these 362 companies maintain at least 7,827 tax haven subsidiaries.

At least 362 companies, making up 72 percent of the Fortune 500, operate subsidiaries in tax haven jurisdictions as of 2013. Most of America’s largest corporations maintain subsidiaries in offshore tax havens. It reveals that tax haven use is ubiquitous among America’s largest companies, but a narrow set of companies benefit disproportionately. This study examines the use of tax havens by Fortune 500 companies in 2013. 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. These subsidiaries are often shell companies with few, if any employees, and which engage in little to no real business activity.Ĭongress has left loopholes in our tax code that allow this tax avoidance, which forces ordinary Americans to make up the difference.

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. 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. Many large U.S.-based multinational corporations avoid paying U.S. Measures to Stop Abuse of Offshore Tax Havens Multinationals Doubled between 20Įvidence Indicates Much of Offshore Profits are Booked to Tax Havensįirms Reporting Fewer Tax Haven Subsidiaries Do Not Necessarily Dodge Fewer Taxes Offshore Most of America’s Largest Corporations Maintain Subsidiaries in Offshore Tax HavensĬash Booked Offshore for Tax Purposes by U.S. The Use of Offshore Tax Havens by Fortune 500 Companies

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