Targeting Overseas Tax Shelters

How one U.S. multinational used overseas shelters to slash its tax bill — and how the Biden administration plans to crack down on such practices.,

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Targeting Overseas Tax Shelters

How one U.S. multinational used overseas shelters to slash its tax bill — and how the Biden administration plans to crack down on such practices.

Hosted by Michael Barbaro; produced by Austin Mitchell, Robert Jimison, Stella Tan and Alex Young; edited by Dave Shaw; and engineered by Marion Lozano.

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April 7, 2021, 6:00 a.m. ET


For decades, U.S. multinationals have been stowing trillions of dollars overseas as a way to slash their tax bills.

One of them, Bristol Myers Squibb — the country’s second-largest drug company — has been engaged in a setup that the I.R.S. says has deprived the United States of $1.4 billion in tax revenue.

The Biden administration is looking to put an end to such practices to pay for its policy ambitions, including infrastructure like improving roads and bridges and revitalizing cities.

We look at the structure of these tax arrangements and explore how, and whether, it’s possible to clamp down on them.


  • Jesse Drucker, an investigative reporter on the Business desk for The New York Times.

ImageDr. Giovanni Caforio, C.E.O. of Bristol Myers Squibb, speaking at a House Committee on Oversight and Reform Committee about unsustainable drug prices in September 2020.
Dr. Giovanni Caforio, C.E.O. of Bristol Myers Squibb, speaking at a House Committee on Oversight and Reform Committee about unsustainable drug prices in September 2020.Credit…Pool by Greg Nash

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Jesse Drucker contributed reporting.

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