30/05/2026
On day one of his second term, Trump signed an order that didn't make a single headline you saw, and it just helped corporate America vanish $40 billion in taxes onto islands like Malta and Bermuda where these companies have no offices, no workers, and apparently no obligations.
A New York Times review of filings from nearly 500 companies found corporate America dodged at least $40 BILLION in income taxes since the start of 2025 by stashing profits in places like Malta, Bermuda, Cyprus and the Caymans. Money earned here, taxed nowhere.
Forty billion.
This is the same crowd that swears there is no money for childcare, for insulin caps, for fixing one crumbling bridge.
Here is the part they would rather you not connect. On his first day back in office, Trump signed an executive order declaring the global tax deal has "no force or effect" in the United States, pulling out of a 13-year international effort to stop exactly this kind of shell-game accounting.
Then his G7 cut a "side-by-side" deal in June 2025 that fully exempts American multinationals from the global minimum tax every other country agreed to pay.
So the cleanup crew got sent home, and the looting resumed.
Thermo Fisher carved $3.5 billion off its taxes through Malta. Honeywell, which has pulled more than $30 billion in Pentagon contracts over the past decade, used Swiss units to slice its rate by a quarter. Your tax dollars fund their contracts. Their accountants make sure none of it comes back.
Pepsi routed billions through Ireland and Bermuda, even lending itself $26 billion to make the math work. American Express used the island of Jersey to skip $423 million. Crocs, the company that sells you foam clogs, used a Maltese office it does not physically occupy to keep $47 million.
There is money. It is sitting in a filing cabinet on an island none of these executives have ever set foot on, behind a door with nobody behind it.
A teacher in Ohio cannot incorporate herself in Bermuda. A nurse cannot sign her paycheck over to a shell in Cyprus. You follow rules they spent millions rewriting so they would never have to.
They did not get away with it. They were handed it.