Caterpillar denies it broke tax laws

WASHINGTON  — Caterpillar is denying that it broke federal tax laws a week after its headquarters and other facilities were raided by the Internal Revenue Service and other federal agencies.

The exact reason for the raids remains unclear, but Caterpillar told the Securities and Exchange Commission in a filing last month that the IRS had notified the company it owed $2 billion in additional taxes because of profits from a Swiss unit.

In a release Friday, the company said, “Caterpillar takes very seriously its obligation to follow tax law and pay what it owes.”

Caterpillar Inc. said it disagrees with the position of the IRS and that it is cooperating with requests from investigators for information.

No charges have been filed against company, which is based in Peoria. At least one shareholder has filed a lawsuit against the company as a result of the federal action.

–Associated Press

One thought on “Caterpillar denies it broke tax laws

  • Mar 11, 2017 at 3:40 pm
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    TNYT 3/10/17 Page B6 PROFITABLE COMPANIES THAT PAID NO TAXES: HERE’S HOW THEY DID IT by PATRICIA COHEN
    This is just the list of those corporations detailed in the column.

    “Who are the biggest beneficiaries?
    Companies with the biggest tax subsidies over the eight years, the institute’s report said, included:
    AT&T ($38.1 billion)
    Wells Fargo ($31.4 billion)
    JPMorgan Chase ($22.2 billion)
    Verizon ($21.1 billion)
    IBM ($17.8 billion)
    General Electric ($15.4 billion)
    Exxon Mobil ($12.9 billion)
    Boeing ($11.9 billion)
    Proctor & Gamble ($8.5 billion)
    Twenty-First Century Fox ($7.6 billion)
    Time Warner ($7.6 billion)
    Goldman Sachs ($5.5 billion)

    Previously reportd lsewhere.
    Companies convicted of felonies in the United States.
    Archer Daniels Midland
    BAE[1]
    Bankers Trust
    BP
    British Airways
    Daiwa Bank
    F. Hoffmann-La Roche
    General Electric
    Hoechst AG
    International Paper
    Louisiana Pacific
    Samsung
    Sears, Roebuck & Company
    Tyson Foods
    Waste Management, Inc

    Where does Caterpillar stand among these two groups ?

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