Recent revelations that a Panamanian law firm helped set up more than 200,000 offshore shell corporations has heightened awareness of the vast amount of income and wealth flowing into tax and secrecy havens worldwide. The countries through which this firm helped funnel the global elites’ assets also act as tax havens for multinational corporations. Recently released data from the Internal Revenue Service show that U.S. corporations claim that 59 percent of their foreign subsidiaries’ pretax worldwide income is being earned in ten tiny tax havens.
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