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Comment briefly on each figure and a rite a longer commentary on the figure (or table 1) which you found most interesting, and share some

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Comment briefly on each figure and a rite a longer commentary on the figure (or table 1) which you found most interesting, and share some insight or question that could enlighten me.

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Nominal and effective corporate tax rates on US corporate 55% profits 50% O Nominal U.S. federal rate 45% % of US corporate profits 40% 35% 30% Effective rate paid to 25% US and foreign gov. 20% Effective rate paid to US government 15% 10% 5% 0% 1950-59 1960-69 1970-70 1980-89 1990-99 2000-09 2010-13 Notes: The figure reports decennial averages (e.g., 1970-79 is the average of 1970, 1971, ..., 1979). In 2013, over $100 of corporate profits earned by US residents, on average $16 is paid in corporate taxes to the U.S. government (federal and States) and $4 to foreign governments. Source: author's computations using NIPA data, see Online Appendix.The Share of Profits Made Abroad in US Corporate Profits 35% 30% % of US corporate profits 25% 20% 15% 10% 5% 0% 1930-39 1940-49 1950-59 1960-69 1970-79 1980-89 1990-99 2000-09 2010-13 Source: Author's computations using National Income and Product Accounts data. Notes: The figure reports decennial averages (that is, 1970-79 is the average for years 1970, 1971, through 1979). Foreign profits include dividends on foreign portfolio equities and income on US direct investment abroad (distributed and retained). Profits are net of interest payments, gross of US but net of foreign corporate income taxes.The World's Offshore Financial Wealth Offshore wealth Share of financial Tax revenue loss ($ billions) wealth held offshore ($ billions) Europe 2.600 10% 75 United States 1,200 4% 36 Asia 1,300 4% 35 Latin America 700 99 0 21 Africa 500 30% 15 Canada 300 99% 6 Russia 200 50% Gulf countries 800 57% Total 7,600 8.0% 190 Source: Author's computations (see Zucman 2013a, b) and online Appendix. Notes: Offshore wealth includes financial assets only (equities, bonds, mutual fund shares, and bank deposits). Tax revenue losses only include the evasion of personal income taxes on investment income earned offshore as well as evasion of wealth, inheritance, and estate taxes.The Share of Tax Havens in US Corporate Profits Made Abroad % of US corporate profits made abroad 50% 40% Singapore Bermuda (and other Caribbean) 30% 20%% Luxembourg Switzerland 10% Netherlands Ireland 0% 1989 61 1986 1988 1990 7661 1994 1996 1998 2000 2004 2006 2008 2010 7102 Source: Author's computations using balance of payments data. See online Appendix. Notes: This figure charts the share of income on US direct investment abroad made in the main tax havens. In 2013, total income on US direct investment abroad was about $500 billion. Seventeen percent came from the Netherlands, 8 percent from Luxembourg, etc.The Share of Tax Havens in US Corporate Profits 25% 20% % of US corporate profits 15% 10% 5% 0% 1984 1990 7661 561 1996 1998 000% 2002 2006 2008 106 710% 1986 1988 100% Source: Author's computations using National Income and Product Accounts and balance of payments data. See online Appendix. Note: This figure charts the ratio of profits made in the main tax havens (Netherlands, Ireland, Switzerland, Singapore, Luxembourg, Bermuda, and other Caribbean havens) to total US corporate profits (domestic plus foreign).A growing fraction of wealth is being managed by offshore financial institutions U.S. equities held by tax haven firms and individuals 10% . 3% E E O. E 6% =2 :11 E %" 4% 8 (:5 :5 \"5 2% 33 0% 1940 1950 1960 1 970 1980 1990 2000 2010 in 2012. 9% of the U.S. listed equity market capltalizallen was held by tax haven Investors {hedge funds in the Cayman Islands, banks in Swilzerland, mutual funds in Luxembourg, individuals in Monaco, 9113.). Source: aulhofs computations using US TIC data

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