Abbott Laboratories, Johnson & Johnson Park Billions in Offshore Tax Havens

Published: Aug 05, 2013

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Abbott and Johnson & Johnson are among the U.S.-based companies that park billions in offshore tax havens, according to a U.S. PIRG report. Abbott (NYSE:ABT) parked some $40 billion in 107 overseas tax havens last year, making it 1 of the top 15 U.S. companies with the most money held offshore, according to a U.S. Public Interest Research Group report issued last month. Johnson & Johnson (NYSE:JNJ) put $49 billion into 55 havens around the globe in 2012, including 1 in the Cayman Islands, which has no income tax for companies that incorporate there. More than 18,500 companies use the same address to register in the Caymans, according to U.S. PIRG.

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