From Mass Device

Abbott and Johnson & Johnson are among the U.S.-based companies that park billions in offshore tax havens, according to a U.S. PIRG report.

Abbott (NYSE:ABT) parked some $40 billion in 107 overseas tax havens last year, making it 1 of the top 15 U.S. companies with the most money held offshore, according to a U.S. Public Interest Research Group report issued last month.

Johnson & Johnson (NYSE:JNJ) put $49 billion into 55 havens around the globe in 2012, including 1 in the Cayman Islands, which has no income tax for companies that incorporate there. More than 18,500 companies use the same address to register in the Caymans, according to U.S. PIRG.

“Simply by registering subsidiaries in the Cayman Islands, U.S. companies can use legal accounting gimmicks to make much of their U.S.-earned profits appear to be earned in the Caymans and pay no taxes on them,” according to the report.

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