Trump Clears Way for Corporate Tax Dodge Hidden in the Fine Print
U.S. companies skirted at least $40 billion in taxes since the beginning of 2025 thanks to schemes in places like Malta, Bermuda and Cyprus.
NYT
May 29, 2026 Updated 10:49 a.m. ET
A year ago, the Trump administration withdrew from a global effort to curb offshore tax-dodging by multinational companies. That decision has been a huge gift to corporate America, enabling companies to avoid at least $40 billion in income taxes since the beginning of 2025.
A New York Times review of securities filings from nearly 500 companies showed that they avoided taxes by attributing hundreds of billions of dollars in earnings to low- or no-tax foreign locales like Cyprus, Bermuda, Switzerland and the Cayman Islands. Often, corporations funneled the profits through subsidiaries in places where they had no employees, offices or customers.
Tax havens became more appealing after President Trump signed an order on his first day back in office withdrawing the United States from a 13-year international effort to end such schemes. The effort led to dozens of countries imposing a minimum corporate tax and rules for pursuing companies using tax havens. After House Republicans passed legislation last year targeting some of those countries with a new tax, international officials agreed to exempt U.S. companies from much of the crackdown.
American Express avoided paying $423 million in taxes last year using the island of Jersey. PayPal trimmed its taxes by nearly half during 2025 thanks to its units in Singapore. Stanley Black & Decker cut its bill by $27 million — nearly one third — using the island of Cyprus.
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While everyday people are losing their health care.
= new reply since forum marked as read
How much of that tax-dodged loot made its way back into Trumps accounts.
Hmmmmmm………
