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Caterpillar Inc.
Caterpillar avoided $2.4 billion in taxes, senator says

WASHINGTON — Sen. Carl Levin, saying it was "long past time" to ensure that multinational U.S. corporations pay taxes on their overseas profits, took Caterpillar Inc. to task for an offshore strategy that helped the company avoid $2.4 billion in income taxes. The Michigan Democrat, during a five-hour committee hearing Tuesday, said Caterpillar has been routing most of the profits from its foreign replacement-parts business to a Swiss affiliate since 2000. "Tax avoidance through the use of dubious tax loopholes costs the U.S. Treasury tens of billions each year," Levin said at the start of a hearing before the Senate Permanent Subcommittee on Investigations he...

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