Companies’ Big Overseas Tax Bills Spur Profit-Shifting Concerns

Some big US-based multinationals are paying more in taxes to other countries than to their own, fueling questions about whether companies are shifting profits abroad to cut their tax bills.

Tesla Inc., General Motors Co., and PepsiCo Inc. have all disclosed non-US cash tax payments for 2025 that exceed their US payments.

Tesla paid $28 million in US federal cash income tax versus more than $1 billion altogether in other countries—including $751 million in China alone. GM paid $277 million in US cash taxes versus $957 million elsewhere, including $364 million in Canada and $354 million in Mexico. ...