Citigroup, JPMorgan Chase and Goldman Sachs Top List of Nine Big Banks Hoarding $172 Billion in Profits Abroad, Stand to Reap $28 Billion from Republican Tax Plan
Nov. 28, 2017 – The tax bill backed by Trump and Senate Republicans includes a tax holiday proposal that would give nine top finance corporations a $28 billion tax break. The nine Big Banks collectively hold more than $172 billion offshore, much of which is booked to their 2,270 tax haven subsidiaries across the globe. Among finance corporations, the greatest share of offshore profits and potential tax savings would go to Citigroup, which holds an estimated $47 billion in profits in 137 offshore tax haven subsidiaries. The value of the Senate bill’s proposed tax holiday for Citigroup is an estimated $9.3 billion. The value of the Senate bill’s tax cut for other finance corporations included in this report ranges from $6.2 billion for JPMorgan Chase to $466 million for Wells Fargo.
Tech Giants Are Big Winners in Trump’s Proposed Tax Plan: Eight Silicon Valley Technology Corporations Hoarding a Half-Trillion Dollars in Profits Abroad Stand to Reap $95 Billion from Republican Tax Plan. Read the report.
Big Pharma a Big Winner in Trump’s Proposed Tax Plan: Five Big Pharma Corporations Stand to Reap $42.7 Billion Tax Break for as a Reward for Hoarding Profits Abroad. Read the report.