Some of Illinois’ biggest companies, include Abbott Laboratories and Caterpillar, are socking away billions of dollars in cash offshore, according to a report released Wednesday by a consumer advocacy group.
Among the 100 biggest publicly traded U.S. companies, Abbott ranked seventh in the number of “tax haven subsidiaries,” with 107 in such places as the Bahamas, Barbados and Bermuda, said the report by U.S. PIRG, or Public Interest Research Groups. Caterpillar ranks 11th, with 76, including ones in Cayman Islands and Costa Rica.
They’re among 82 of the nation’s 100 biggest publicly traded companies that have set up offshore tax havens.
In terms of the most dollars held offshore, Abbott ranked 11th with $40 billion held offshore. Caterpillar has $15 billion held offshore, the report said.
“Loopholes in the tax code make it legal to book profits offshore, but tax-haven abusers force other Americans to shoulder their tax burden,” said U.S. PIRG, which examined the companies’ Securities and Exchange Commission filings. “Every dollar in taxes that corporations avoid by using tax havens must be balanced by other Americans paying higher taxes.”
Among other Illinois companies mentioned in the report, Boeing has $263 million held offshore in one tax-haven subsidiary; Archer Daniels Midland, $7.2 billion, in three offshore subsidiaries; Kraft, $24 million in two offshore subsidiaries.
Allstate is among the only major Illinois companies with no tax-haven subsidiaries and no money held offshore.
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Combined, the 100 companies keep $1.17 trillion offshore. The companies keeping the most dollars offshore are General Electric, Apple and Pfizer.
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