, 3 tweets, 1 min read Read on Twitter
Bermuda alone generated close to one third ($229b of $775b) of ALL dividends that the offshore subs of US firms paid back to their parents in 2018.
I suspect - even taking into account Trump's trade policy - that the distortions to global trade that stems from various forms of corporate income tax arbitrage are comparable to the distortions from outright tariffs.

The best evidence of the trade distortions from income tax arbitrage tho isn't the trade data (even including the heavily distorted services trade data), but rather in the data showing the geographic location of US firms foreign profits ...
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