"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 dozens of countries to impose 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."