Less than two weeks after publication of the Panama Papers, a year-long investigation by hundreds of news organizations around the world, including the Star, cast a bright light on the world of offshore tax havens, a new report from Oxfam reveals how much money the 50 largest U.S. corporations have stashed away overseas.
It’s a lot: $1.4 trillion (U.S.).
The Panama Papers leak has caused trouble for the world’s heads of state, politicians and their associates, business leaders and celebrities. But it hasn’t caused much trouble for wealthy Americans, who are more likely to stash their cash in stateside tax havens like Delaware, Nevada and Wyoming, or in Bermuda, Singapore, and the Cayman Islands.
The report, “Broken at the Top,” scrutinized publicly available tax and revenue data for the 50 largest U.S. companies. Together, Oxfam found, those companies are holding $1.4 trillion in offshore tax havens, funnelled through about 1,600 disclosed subsidiaries.
The companies with the most money held overseas are: Apple ($181 billion), General Electric ($119 billion), and Microsoft ($108 billion). Pfizer, IBM, Merck, Johnson & Johnson, Cisco Systems, Exxon Mobil, Alphabet (Google) and Procter & Gamble round out the rest of the top 10. (more...)
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