The Register-Mail: Change ‘tax avoidance’ laws

However, the practice isn’t unusual. About $2.5 trillion has been held offshore in about 10,000 tax-haven subsidiaries by more than 350 of Fortune-500 companies, according to another report, “Offshore Shell Games 2016,” from the Public Interest Research Group, the Institute on Taxation and Economic Policy, and Citizens for Tax Justice. Companies such as Apple and General Motors, Proctor & Gamble and Wal-Mart did so, as well as 33 companies based in Illinois, including Allstate, ADM, Boeing, Exelon, McDonald’s, Motorola Solutions, Navistar, Sears Holdings, State Farm and Walgreens, says the 58-page report, which notes that among Illinois companies, Cat has the third highest amount of profits held offshore. Read more