The Daily Targeting Overseas Tax Shelters
Apr 7, 2021
Jesse Drucker, an investigative reporter for The New York Times, dives into corporate tax avoidance, spotlighting Bristol Myers Squibb’s controversial offshore tax strategies that cost the U.S. $1.4 billion. The discussion unveils how big corporations exploit international loopholes and the Biden administration's push for a global minimum tax to curb these practices. Drucker examines the legal implications and accountability shifts needed to ensure fair corporate taxation, making a compelling case for reform in how multinational companies navigate tax laws.
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Unredacting the Document
- Jesse Drucker received a tip about an IRS dispute with a multinational company and a redacted document.
- By copying the PDF to Word, the redactions disappeared, revealing the story.
Bristol Myers Squibb's Tax Scheme
- The unredacted document revealed Bristol Myers Squibb used an offshore tax scheme, deemed abusive by the IRS.
- Bristol Myers Squibb is the second-largest U.S. drug company, known for drugs like Eliquis.
Ireland: A Tax Gateway
- Ireland is a popular tax haven, especially for tech and pharma companies, due to its ease of profit shifting.
- It acts as a gateway to low-tax jurisdictions like Bermuda, Cayman Islands, and Switzerland.