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The BEA released country by country data on "reinvested" earnings today. So we know that U.S. firms brought around $300b back from the world's main corporate tax havens in 2018.
That's less than expected/ only a fraction of the funds accumulated in these jurisdictions since 05
That's less than expected/ only a fraction of the funds accumulated in these jurisdictions since 05
It turns out that firms were still adding to their offshore assets in the Caymans, so if you just look at countries where US firms reduced their offshore assets (e.g. "brought funds home") the total is more like $350b ...
Essentially all the funds that came home came back from three jurisdictions -- Bermuda, Ireland and the Netherlands
(who just happen to the countries that are involved in the double Irish with a Dutch twist tax structure)
(who just happen to the countries that are involved in the double Irish with a Dutch twist tax structure)
The "flow" picture looks dramatic --
US firms went from adding $200b to their offshore accounts in the tax havens (note these funds weren't really kept offshore, they were held in US bank accounts and securities) book to reducing it by $300b in 2018
A $500b swing
US firms went from adding $200b to their offshore accounts in the tax havens (note these funds weren't really kept offshore, they were held in US bank accounts and securities) book to reducing it by $300b in 2018
A $500b swing
