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$1,400,000,000,000: Oxfam Exposes the Great Offshore Tax Scam of US Companies

Using an “opaque and secretive network” of subsidiaries in tax havens, top American corporations have stashed $1.4 trillion offshore, a new report from Oxfam shows.With “a range of tricks, tools, and loopholes,” for tax avoidance, the 50 largest U.S. companies, including well-known names like Goldman Sachs, Verizon Communications, Apple, Coca-Cola, IBM, and Chevron, raked in $4 trillion in profits globally between 2008 and 2014, are contributing to inequality, the anti-poverty group said.

The report, Broken at the Top (pdf), states that such tax dodging is one of the “profit-making strategies of many multinational corporations.”

As noted in the report,

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