U.S Banks Avoid Taxes By Creating Foreign Subsidaries*
From a report by the Federal Reserve Bank of New York
7 U.S. Banks
- JPMorgan Chase: 3,391 subsidiaries, with a total asset value of $2.27 trillion.
- Goldman Sachs: 3,115 subsidiaries, with a total asset value of $924 billion.
- Morgan Stanley: 2,884 subsidiaries, with a total asset value of $750 billion.
- Bank of America: 2,019 subsidiaries, with a total asset value of $2.14 trillion.
- Citigroup: 1,645 subsidiaries, with a total asset value of $1.87 trillion.
- Wells Fargo: 1,366 subsidiaries, with a total asset value of $1.31 trillion.
- MetLife: 163 subsidiaries, with a total asset value of $800 billion.
Assets are held in a total of 14, 500 subsidaries in Europe, the Caribbean, and Asia (putting wealth beyond the reach of local tax authorities) 10,000 of which have been operating since 1991.
280 of U.S. top profitable companies did not pay income tax for priod 2008 – 2010, according to a November report from the Citizens for Tax Justice, and they include:
Aerospace & Defense
- United Technologies
- Lockheed Martin
- Rockwell Collins
- L-3 Communications
- Alliant Techsystems
- Precision Castparts
- Northrop Grumman
- General Dynamics
- Eastman Chemical
- PPG Industries
- Celanese Air Products & Chemicals
Computers, office equip, software, data
- Cognizant Technology Solutions
- Pitney Bowes
- Texas Instruments
Electronics, electrical equipment
- Rockwell Automation
- Emerson Electric
Engineering & Construction
- AECOM Technology
- Tutor Perini
- Emcor Group
- Jacobs Engineering Group
- Wells Fargo
- Reinsurance Group of America
- PNC Financial Services Group
- State Street Corp.
- Principal Financial
- American Express
- Travelers Cos.
- BB&T Corp.
- Goldman Sachs Group
- W.R. Berkley
- H&R Block
- Capital One Financial
- U.S. Bancorp
- J.P. Morgan Chase & Co.
- Charles Schwab
U.S$21 and U.S$32 trillion, or between 30% and 46% of global GDP, in offshore tax havens, according to a new report by former McKinsey chief economist James Henry on behalf of the Tax Justice Network.
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