Report: U.S. companies keeping $166 billion in offshore tax shelters

By Agence France-Presse
Monday, March 11, 2013 7:00 EDT

US companies are keeping more of their profits offshore, choosing overseas tax havens amid talk in Washington about closing corporate tax loopholes, The Wall Street Journal reported Monday.

The business newspaper said its analysis of 60 big American companies had found that they had collectively parked a total of $166 billion offshore last year.

That shielded more than 40 percent of their annual profits from US taxes, the report said.