The creativity of rich individuals and their tax advisors to hide private wealth in tax havens such as the Cayman Islands or Switzerland knows hardly any bounds. Just as unethical, though often legal, are the multiple techniques multinational corporations use to shift profits to low-tax jurisdictions such as Panama or Bermuda. And even though small states have a structural advantage when it comes to engaging in tax competition, that is, attracting capital from abroad, big economies have become adept at playing the game, too: The United States, Germany, and with the Cayman
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