U.S. CORPORATIONS ARE USING BERMUDA TO SLASH TAX BILLS - New York Times

U.S. CORPORATIONS ARE USING BERMUDA TO SLASH TAX BILLS - New York Times: "DAVID CAY JOHNSTON
Published: February 18, 2002  A growing number of American companies, encouraged by their financial advisers, are incorporating in Bermuda to lower their taxes sharply without giving up the benefits of doing business in the United States.

Insurance companies led the way, but now manufacturers and other kinds of companies are following.

Stanley Works, for 159 years a Connecticut maker of hammers and wrenches, is among the latest with plans to become a corporation in Bermuda, where there is no income tax. The company estimates that it will cut its tax bill by $30 million a year, to about $80 million."

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