Untaxed Foreign Profits Held in U.S.

Sen. Levin says companies are investing some 'trapped' overseas profits in U.S. banks, assets.

Twenty-seven U.S. companies that report holding $538 billion in untaxed profits outside the country have invested 46 percent of that total in U.S. banks or assets, according to a report by Senator Carl Levin.

Levin, a Michigan Democrat who opposes a tax break on repatriating offshore profits, released the report yesterday to counter companies’ claims that their earnings are “trapped” outside the country by the tax system, he said.

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Comments

Advertisement. Closing in 15 seconds.