Caterpillar's Offshore Tax Strategies
Law professors, tax experts, and executives from Caterpillar testified on the offshore tax strategies of the Peoria, Illinois,… read more
Law professors, tax experts, and executives from Caterpillar testified on the offshore tax strategies of the Peoria, Illinois, manufacturing company. In his opening remarks Subcommittee Chair Carl Levin (D-MI) outlined the committee’s report on Caterpillar’s operations, stressing his concerns that the company had shifted $8 billon in profits through Switzerland to avoid $2.4 billion in taxes.
Law professors in the first panel analyzed Caterpillar’s tax avoidance actions and gave recommendations for corporate tax rates.
In panel two, tax experts from PricewaterhouseCoopers, consultants for Caterpillar, explained Caterpillar’s transfer of profits to Switzerland. Senator Rand Paul (R-KY) voiced his opposition to the hearing by saying Caterpillar should be praised for their actions and not chastised, and that the U.S. tax code should be on trial instead.
In panel three, Caterpillar Vice President Julie Legacy repeatedly stated that the company was complying with the U.S. tax code. close
*The transcript for this program was compiled from uncorrected Closed Captioning.
People in this video
- Reuven S. Avi-Yonah Professor University of Michigan->Law School
- Julie A. Legacy Vice President Caterpillar Corporation->Financial Services Division
- Robin D. Beran Chief Tax Officer Caterpillar Corporation
- James G. Bowers Partner Dallas
- Ron Johnson U.S. Senator [R] Wisconsin
- Carl Levin U.S. Senator [D] Michigan
- John S. McCain III U.S. Senator [R] Arizona
- Rand Paul M.D. U.S. Senator [R] Kentucky
- Rodney Perkins Senior Manager (Former) Caterpillar Corporation->International Taxes
- Rob Portman U.S. Senator [R] Ohio
- Thomas F. Quinn Partner Dallas
- Bret Wells Assistant Professor University of Houston->Law Center
- Steven R. Williams Managing Director McLean
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