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Caterpillar Dodged Tax, Senate Inquiry Finds

Swiss move helped the company avoid paying $2.4 billion in U.S. taxes, according to report.

By Richard Rubin, Bloomberg | Updated on March 31, 2014

Caterpillar Inc. avoided paying $2.4 billion in U.S. taxes by shifting profits from a parts business to a subsidiary in Switzerland, according to a report released today by a Senate investigative committee.

The world’s largest maker of construction and mining equipment made a “paper change” starting in 1999 that made the profits of the subsidiary subject to a Swiss tax rate as low as 4 percent, said Senator Carl Levin, a Michigan Democrat who will question company executives at a hearing tomorrow.

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