Targeting Overseas Tax Shelters

<p>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.</p><p>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.</p><p>We look at the structure of these tax arrangements and explore how, and whether, it’s possible to clamp down on them. </p><p>Guest: <a href="https://www.nytimes.com/by/jesse-drucker?smid=pc-thedaily">Jesse Drucker</a>, an investigative reporter on the Business desk for The New York Times.</p><p><a href="https://www.nytimes.com/newsletters/signup/NTTD?smid=pc-thedaily">Sign up here</a> to get The Daily in your inbox each morning. And for an exclusive look at how the biggest stories on our show come together, <a href="https://www.nytimes.com/newsletters/the-daily?module=inline">subscribe to our newsletter</a>. </p><p>Background reading: </p><ul><li>The I.R.S. says that Bristol Myers Squibb used an<a href="https://www.nytimes.com/2021/04/01/business/bristol-myers-taxes-irs.html?searchResultPosition=1?smid=pc-thedaily"> “abusive” offshore setup</a> to avoid $1.4 billion in federal taxes.</li><li>In a speech to the Chicago Council on Global Affairs, Treasury Secretary Janet Yellen<a href="https://www.nytimes.com/2021/04/05/business/yellen-global-minimum-corporate-tax-rate.html?searchResultPosition=2?smid=pc-thedaily"> made the case for a global minimum corporate tax rate</a>, kicking off the Biden administration’s effort to help raise revenue in the United States. </li></ul><p>For more information on today’s episode, visit </p><p><a href="http://nytimes.com/thedaily?smid=pc-thedaily">nytimes.com/thedaily</a></p><p>. Transcripts of each episode will be made available by the next workday.</p>