OSPIRG: Nike uses offshore tax havens
72% of Fortune 500 companies have offshore subsidiaries
PORTLAND, Ore. (KOIN) — More than 72% of Fortune 500 companies have subsidiaries in offshore tax havens to take advantage of tax loopholes, a new study by the Oregon State Public Interest Research Group showed.
Oregon-based companies in the Fortune 500 are Nike, Precision Castparts and Lithia Motors. Intel is actually based in California.
“When corporations use tax havens to avoid paying U.S. taxes, the public ends up paying,” Brittany Cronin of the OSPIRG Foundation said in a statement.
The OSPIRG study found “Nike officially holds $8.3 billion offshore for tax purposes, on which it would otherwise owe $2.7 billion in U.S. taxes.”
Other companies highlighted in the study include American Express and Walmart.