Offshore Shell Games
The Use of Offshore Tax Havens by the Top 100 Publicly Traded Companies
Table of Contents
Executive Summary ………………………………………………………………………………………… 1
Introduction ……………………………………………………………………………………………………. 4
Tax Haven Subsidiaries are Ubiquitous
Among America’s Largest Corporations ……………………………………………………………… 6
The Offshore Cash Hoard of U.S. Multinational
Corporations Has Grown in Recent Years …………………………………………………………… 8
Evidence That Much of the Profits
Parked Offshore are in Tax Havens ……………………………………………………………………. 9
Firms Reporting Fewer Tax Haven Subsidiaries
Do Not Necessarily Dodge Fewer Taxes Offshore ……………………………………………….. 11
Measures to Stop Abuse of Offshore Tax Havens ………………………………………………… 12
Methodology …………………………………………………………………………………………………… 14
Appendix: The Top 100 Publicly Traded Companies …………………………………………….. 15
Endnotes ………………………………………………………………………………………………………… 28
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