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Fortune 500 companies hold a record $2.4 trillion offshore

March 07, 2016

Fortune 500 companies hold a record $2.4 trillion offshore

Citizens for Tax Justice (March 2016). All told, American Fortune 500 corporations are avoiding up to $695 billion in U.S. federal income taxes by holding $2.4 trillion of “permanently reinvested” profits offshore. In their latest annual financial reports, 27 of these corporations reveal that they have paid an income tax rate of 10 percent or less in countries where these profits are officially held, indicating that most of these monies are likely in offshore tax havens.