Reining in Wall Street Updates

News Release | TexPIRG Education Fund | Tax

STUDY: MOST FORTUNE 500 COMPANIES USED TAX HAVENS IN 2016

In 2016, 73 percent of Fortune 500 companies – including 37 headquartered in Texas- maintained subsidiaries in offshore tax havens, according to “Offshore Shell Games,” released today by TexPIRG Education Fund and the Institute on Taxation and Economic Policy. Collectively, multinationals reported booking $2.6 trillion offshore, with just 30 companies accounting for 68 percent of this total, and just four companies accounting for a quarter of the total.

 

“With Congress looking to pass tax cuts that would cost upwards of $5 trillion, it’s all the more unacceptable to leave open these absurd loopholes and gimmicks for the biggest multinational corporations,” said Bay Scoggin, director of TexPIRG. “Tax reform should inject common sense into our tax code, and it shouldn’t balloon our deficit. Closing tax haven loopholes would both eliminate some of the most ridiculous tax gaming and it could help pay for the cost of tax cuts.”

Report | TexPIRG Education Fund | Tax

Offshore Shell Games

In 2016, 73 percent of Fortune 500 companies – including 37 headquartered in Texas- maintained subsidiaries in offshore tax havens, according to “Offshore Shell Games,” released today by TexPIRG Education Fund and the Institute on Taxation and Economic Policy. Collectively, multinationals reported booking $2.6 trillion offshore, with just 30 companies accounting for 68 percent of this total, and just four companies accounting for a quarter of the total.

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