Large corporations such as Pfizer, Walmart, IBM, and Apple have stashed billions of dollars via more than 1,500 subsidiaries in tax havens like the British Virgin Islands and the Cayman Islands, according to the report, which analyzed the companies’ Securities and Exchange Commission filings. The country’s 50 largest corporations have stored more than a trillion dollars in offshore shell companies in recent years to lower their tax rate, the report says. companies, according to a report released Thursday by Oxfam America. While as of yet, few high-profile American names have been linked to the Panama Papers, this sort of tax avoidance is a common practice among a number of well-known U.S. World leaders, celebrities, and even soccer players, a leak from the law firm Mossack Fonseca recently revealed, are fond of using shell companies to avoid paying taxes.
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