Industrial equipment maker Caterpillar avoided or deferred $2.4 billion in U.S. taxes over a 13-year period by shifting profits to a Swiss affiliate, a Senate subcommittee majority report asserted Monday.
According to CNNMoney, the report focuses on whether some U.S. company's multinational tax strategies violate the spirit, if not the letter, of tax laws and rules.
According to subcommittee Chairman Carl Levin's report, before 1999, Caterpillar booked the vast majority of its profits from replacement part sales to non-U.S. customers in the United States. After 1999, it only booked 15 percent or less of them, shifting 85 percent or more of those profits to the Swiss unit.
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