“So-called tax havens are necessary to restrain the compulsive tendency of ‘onshore’ politicians to over-tax and over-spend.  For all intents and purposes, the existence of tax havens makes tax competition more robust. And we need vigorous tax competition because politicians – without some sort of external constraint – will drive their nations into Greek-style fiscal chaos.  The real outrage in this issue is that American taxpayers are subsidizing the international bureaucracy [the OECD] that is trying to kill tax competition.  So if Republicans on Capitol Hill are looking for some much-needed budget cuts, that’s a good place to start.”

http://danieljmitchell.wordpress.com/2012/11/12/the-essential-role-of-tax-havens/

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