No Free Lunch 

Awkward questions

Paul Jackson

What do Bermuda, British Caribbean islands, Ireland, Luxembourg, the Netherlands, Singapore and Switzerland have in common?  According to Brad Seltzer, a senior lecturer in the US Council of Foreign Relations, the answer is that the reported profits of US corporations in each of these tax havens equates to between 0.1 per cent and 0.3 per cent of US GDP.  Collectively, that adds up to seven times the profits that US corporations report in six of the largest economies combined (China, France, Germany, India, Italy and Japan). 

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