Targeting Overseas Tax Shelters

The Daily

The New York Times

Daily News, News

4.4 • 102.8K Ratings

🗓️ 7 April 2021

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

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Summary

The I.R.S. says that Bristol Myers Squibb, America’s second-largest drug company, has engaged a tax-shelter setup that 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.

Transcript

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0:00.0	From New York Times, I'm Michael Babaro. This is the Daily.
0:10.0	Today,
0:12.0	to pay for its sweeping infrastructure plan,
0:15.0	the Biden administration wants to crack down on large and profitable American companies
0:21.0	that have used tax shelters to avoid paying billions of dollars to the government.
0:27.0	My colleague, investigative reporter Jesse Drucker, on how one American company did just that.
0:45.0	It's Wednesday, April 7.
0:51.0	Jesse, how did you find this story?
0:54.0	I was talking to a guy not too long ago,
0:57.0	and he says, look, the IRS is in a big dispute with a big multinational company.
1:03.0	There is a document laying this out to some degree that's floating around out there,
1:08.0	and you should try to get a hold of it.
1:10.0	That's a very tantalizing tip.
1:12.0	Yeah.
1:13.0	I put up some calls, amazingly, the first person I speak to says,
1:20.0	yeah, I know what you're talking about. I said, well, can you get me a copy of this?
1:24.0	I could get you a copy of this.
1:26.0	So, he sends me a copy of this document. It's 20 pages long.
1:31.0	It's an IRS memo laying out in a fair amount of detail, a dispute with a big company,
1:37.0	but it's very heavily redacted.
1:40.0	The enormous portions of the document are whited out, including the name of the company,
1:46.0	the amount of money, and dispute, some of the offshore entities that the company was using.
	...

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