…Some companies using #TaxHavens to avoid #US income tax rely on #FederalFunding for their profits. #ThermoFisherScientific, the scientific equipment maker, cut its taxes by $3.5 billion last year via Malta. #Honeywell, which received over $30 billion in #Defense Dept contracts over the past decade, used Swiss units to cut its tax rate by more than a quarter — or $301 million — last year.

#law #plutocracy #Trump #billionaires #corporations #TaxDodging #CorporateTax #business #economy #IRS #SEC

Companies making similar moves spanned nearly every sector of the #economy: Walmart & Uber; Mastercard & Pepsi; Crocs & Merck; Honeywell & Cigna. To put the $40 billion in taxes they avoided in perspective, it would be enough to triple the annual budget of the Federal Aviation Administration or U.S. Customs and Border Protection.

#law #plutocracy #criminal #Trump #billionaires #corporations #TaxDodging #TaxShelters #CorporateTax #business #IRS #SEC

A favorite destination was the tiny Mediterranean island of Malta, where #AbbottLaboratories, the #pharmaceutical giant, has claimed all its global profits were earned by a subsidiary with no employees. Malta helped the company cut its tax bill by $336 million last year, the filings show.

#law #plutocracy #criminal #Trump #billionaires #corporations #TaxDodging #TaxShelters #CorporateTax #business #economy #IRS #SEC

#AmericanExpress 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 #BlackAndDecker cut its bill by $27 million — nearly one third — using the island of Cyprus.

#law #plutocracy #criminal #Trump #billionaires #corporations #TaxDodging #TaxShelters #CorporateTax #business #economy #IRS #SEC

#TaxHavens became more appealing after #Trump signed an order on his first day back in office withdrawing the #US from a 13-year international effort to end such schemes. The effort led to dozens of countries imposing a minimum #CorporateTax & 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 US companies from much of the crackdown.

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A NYT 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 & the #CaymanIslands. Often, #corporations funneled profits through subsidiaries in places where they had no employees, offices or customers.

#law #plutocracy #criminal #Trump #billionaires #TaxDodging #TaxShelters #CorporateTax #business #economy #IRS #SEC

A year ago, the #Trump admin withdrew from a global effort to curb offshore #TaxDodging by multinational companies. That decision has been a huge gift to #corporations in the #US, enabling companies to avoid at least $40 billion in income #taxes since the beginning of 2025.

#law #plutocracy #criminal #billionaires #TaxShelters #CorporateTax #business #economy #IRS #SEC