New information released Wednesday on the holdings of U.S.-based multinational corporations is adding fresh ammunition to the dispute over whether companies should be given a tax holiday on repatriated foreign profits.

Large multinational U.S. corporations with substantial offshore funds have placed nearly half of those funds in U.S. bank accounts and U.S. investments without paying any U.S. tax on the foreign earnings, according to new data released by Sen. Carl Levin, who chairs the Senate’s Permanent Subcommittee on Investigations.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access