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Caterpillar Bulldozes Tax Code Like Apple, Google & Facebook, Senators Allege

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April 01, 2014 AT 3:52 PM
Caterpillar sidestepped $2.4 billion in U.S. taxes over 13 years by shifting profits to Switzerland, claims a report by the Senate Permanent Subcommittee on Investigation. Senator Carl Levin grilled execs and PricewaterhouseCoopers accountants over Caterpillar’s offshore move of 85% of its parts sales. Most of Caterpillar’s parts business remains in the U.S., including employees and execs, the report says. Only 65 of over 8,000 parts employees are in Switzerland, claims Sen. Levin, noting that “nothing changed in the operations.”