Martin A. Sullivan of Tax Analysts, the publisher of Tax Notes, found that profits of foreign subsidiaries of U.S. corporations in 18 tax havens soared from $88 billion in 1999 to $149 billion in 2002.
Questions raised are:
- Is the shift in profits to tax havens bringing a corresponding shift in U.S. jobs to those jurisdictions?
- What does the shifting of profits mean for the long-term future of our corporate tax system?
Data Shows Dramatic Shift of Profits to Tax Havens.
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