US Companies Keeping Even More Money Offshore

AFP
March 11, 2013

U.S. companies are keeping more of their profits offshore, choosing overseas tax havens amid talk in Washington about closing corporate tax loopholes, The Wall Street Journal reported Monday.

The business newspaper said its analysis of 60 big American companies had found that they had collectively parked a total of $166 billion offshore last year.

That shielded more than 40 percent of their annual profits from U.S. taxes, the report said.

Each of the 60 companies chosen for the analysis had held at least $5 billion offshore in 2011, according to The Journal.

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This article was posted: Monday, March 11, 2013 at 6:51 am