US Senator slams Business Roundtable members’ use of tax havens, identifies companies that pay little tax

Of the 201 CEOs that make up the membership of the Business Roundtable, 111 lead US companies that use offshore tax havens, and many lead companies that pay little or no corporate tax despite being profitable, according to a report by ranking member of the US Senate Budget Committee, Bernie Sanders (I-Vt.), released February 18.

After noting that the Business Roundtable advocates in favor of lowering the US corporate tax rates and a territorial tax system to exempt offshore profits, the report then details the use of tax havens by companies with CEO’s that are members of group, focusing particularity on activities of 41 corporations.

For example, the report notes that Pfizer in 2014 owned at least 128 subsidiaries located in tax havens, and held $69 billion in offshore profits. Bank of America had at least 264 subsidiaries in tax havens, and held $17 billion offshore in 2014, the report states.

The report also provides details of 19 member companies that have been profitable at least 5 years in a row but pay little or no Federal corporate income tax. Included in this list are Exxon Mobil, Verizon, and FedEx Corporation.

See:

• Legalized Tax Fraud:  How Top U.S. Corporations Continue to Profit Through Offshore Tax Havens