Scrabble?! UNTAX

Definitions of UNTAX in various dictionaries:

Companies of the United States with untaxed profits deals with those U.S. companies whose offshore subsidiaries earn profits which are retained in foreign countries to defer paying U.S. corporate tax. The profits of United States corporations are subject to a federal corporate tax rate of 35%. In principle, the tax is payable on all profits of corporations, whether earned domestically or abroad. However, overseas subsidiaries of U.S. corporations are entitled to a tax deferral of profits on active income until repatriated to the U.S., and are regarded as untaxed. When repatriated, the corporations are entitled to a foreign tax credit for taxes (if any) paid in foreign countries. Retaining such profits offshore may be regarded a tax strategy. Many corporations have accumulated substantial untaxed profits offshore, especially in countries with low corporate tax rates. In recent years it has been estimated that untaxed profits range from US$1.6 to $2.1 trillion. The Wall Street Journal noted that the "[u]ntaxed foreign earnings are part of a contentious debate over U.S. fiscal policy and tax code." The profits earned abroad and retained there are subject to a foreign exchange risk, besides other financial risks. The downside of a strategy of retaining profits offshore is that corporations may want or need to pay dividends to shareholders, or to make investments in the United States, besides other reasons. The alternative may be to borrow funds in the U.S., or access the funds retained offshore in the form of inter-company loans.