“One of [the OECD’s] foremost successes has been the Isle of Jersey. By forcing tax equalisation on Jersey, Jersey has had to decide whether to increase taxation for offshore depositors, or decrease taxes for locals. It chose the latter and, as a result, has experienced a shortfall in the government kitty, resulting in layoffs for public service workers, cuts in funding for road repair, sewage services, education, etc. Jersey appears to be on the ropes as a result. In five or ten years’ time, will the only tax havens be in places like Delaware, where the government-sanctioned tax haven follows the ‘bad practices’ that the OECD has called ‘criminal’?”

http://www.internationalman.com/articles/the-end-of-tax-havens

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