Story perspectives

Trump Exits Tax Pact, Firms Dodge $40 B Taxes

5/29/2026

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Summary

Story summary

U.S. President Donald Trump withdrew the United States from the tax-fairness pact, letting corporations avoid $40 billion in taxes since early 2025.
House Republicans passed a tax on some countries but exempted U.S. firms, so the $40 billion avoidance persisted.
A New York Times review of filings from 500 firms, including American Express and PayPal, found they shifted hundreds of billions to jurisdictions and used employee-less subsidiaries to cut tax bills by hundreds of millions.

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Story summary

U.S. President Donald Trump withdrew the United States from the tax-fairness pact, letting corporations avoid $40 billion in taxes since early 2025.
House Republicans passed a tax on some countries but exempted U.S. firms, so the $40 billion avoidance persisted.
A New York Times review of filings from 500 firms, including American Express and PayPal, found they shifted hundreds of billions to jurisdictions and used employee-less subsidiaries to cut tax bills by hundreds of millions.