The companies that moved their headquarters to Bermuda, in interviews with trade publications, all cited untaxed profits as a prime reason for the move.

This netted the operators an untaxed profit of 16 million ($95 million today) after all costs and alleged bribes had been paid off.

While corporations often complain that they are doubly taxed on foreign profits, the law actually permits corporations to earn untaxed profits.

The result was hundreds of millions in untaxed profits - money that then went to pay for things like Wyly family portraits and other artwork.

Pfizer is considering whether to repatriate $29 billion in untaxed foreign profits; Hewlett-Packard has $14.5 billion eligible for repatriation; Intel has $6 billion.

But that aside - it is virtually impossible to make untaxed profit in the UK.

Most corporate executives oppose dividend deductions, believing they would only increase pressure on them to pay higher dividends and not allow the untaxed profits to be used for new investment.

Eli Lilly, whose products include the antidepressant Prozac, says it has $8 billion in untaxed overseas profits.

Hewlett-Packard, which wants to strengthen its balance sheet after buying Compaq, has more than $14 billion in untaxed foreign profits.

General Motors and Ford would be among the big winners under the Republican bill, which would make it easier to accumulate untaxed profits overseas.