Advertisement Continue reading the main storyIt is not clear which federal agency hired Dr. Robinson. United States companies owe corporate income taxes at a rate of 35 percent on profits earned around the world. The report does not explain whether Caterpillar used the type of creative, and often legal, transactions that United States multinationals use to avoid tax on earnings brought home from offshore. Advertisement Continue reading the main storyThe 2014 Senate report on Caterpillar said the company worked with the accounting firm PricewaterhouseCoopers, to set up its Swiss tax-cutting strategy. President Trump has said he supports a holiday of sorts that would permit companies to bring those profits back to the United States at a low rate.

Source: New York Times March 08, 2017 02:01 UTC