Trump clears way for corporate tax dodge, NYT finds
The New York Times found the Trump administration withdrew from a global effort to curb offshore tax avoidance, enabling U.S. companies to avoid at least $40 billion in U.S. income taxes since the start of 2025. Multinationals used schemes in jurisdictions including Malta, Jersey, Switzerland, Bermuda, and Cyprus; Thermo Fisher saved about $3.5 billion using a Malta structure, American Express saved $423 million via Jersey, Abbott Laboratories saved $336 million via Malta, and Honeywell saved $301 million via Switzerland. Other firms reported smaller but still sizable savings, including Yum Brands $121 million, Crocs $47 million, and Stanley Black & Decker $27 million through Malta and Cyprus arrangements. The shift matters because it reduces federal revenue, rewards profit shifting over domestic investment, and undermines international efforts to make multinationals pay U.S. tax rates.
