OSPIRG: Nike uses offshore tax havens

They’re also three of the biggest tax havens for US companies, according to a report from the left-leaning Citizens for Tax Justice and the U.S. Public Interest Research Group.

Fifty-seven along the organisations marked they generally would suppose to pay the merged usd184.4bn in more United states.S. taxes if their ealier gains weren’t carried out virtual. “The American multinationals that take advantage of tax havens use Illinois roads, benefit from our education system and large consumer market, and enjoy the security we have here, but are ultimately taking a free ride at the expense of other taxpayers”. Senators Barbara Boxer (D-California) and Rand Paul (R-Kentucky) are co-sponsors of the Invest in Transportation Act of 2015, which would send the taxes collected to the Highway Trust Fund.

“Rather than paying their fair share, many multinational corporations use accounting tricks to pretend for tax purposes that a substantial portion of their profits are generated in offshore tax havens, countries with minimal or no taxes where a company’s presence may be as little as a mailbox”, the authors wrote in the report’s summary.

“Approximately 60 percent of companies with tax haven subsidiaries have set up at least one in Bermuda or the Cayman Islands, two particularly notorious tax havens”, according to a new report from the Citizens for Tax Justice. And yet the gross domestic product of those countries in 2010 was just $10 billion.

It says USA controlled companies on the three island nations reported $155 billion dollars in profits in 2010. Microsoft held $108.3 billion in five tax haven subsidiaries.

The latest report on the use of tax havens making headlines around the world claims that $51 billion of corporate profits for Fortune 500 companies made in 2014 is held in the Cayman Islands.

Just 30 of the largest 500 firms accounted for $1.4 trillion of the .1 trillion being held overseas. And Pfizer, the drug company, used 151 tax havens for $74 billion in profits. Their filings indicated they were paying about 6 percent in taxes overseas, compared to a 35 percent USA corporate tax rate, it said.

Finance ministers at the G20 meetings have been working on reforms for two years.