In a book by economists Saez and Zucman, they state the following:
In 1936, dozens of wealthy Americans had created offshore shell companies, to which they had transferred the ownership of their stock and bond portfolios. The shell companies, instead of their flesh-and-blood owners, collected dividends and interest, thus escaping American taxation. The government was quick in changing the law to render this operation explicitly illegal. From 1937 on, any income earned by foreign holding companies controlled by Americans would become immediately taxable in the United States. Instantly, owning foreign holding companies to avoid taxes became pointless.
Would this still be possible nowadays? Also, how would it relate to the fact of those earnings may be doubly taxed (domestically and abroad) ?