Did you know that Luxembourg (25% corporate tax rate) has the HIGHEST GDP IN THE WORLD?

  • not buying the answer “because it is small
  • not buying the answer “because we sell so much alcohol tobacco and oil”
    • Luxembourg is maybe a marketplace for oil, but has no oil-fields or tobacco fields
    • Luxembourg is rich for the same reason why some people in Switzerland are very rich
      • not because they export SO MUCH GOOD CHEESE (the cheese is good but makes up a very very little portion of income for Switzerland) but thanks to clever advisors and tax avoidance schemes supported by the state
    • “In April 2009, concern about Luxembourg‘s banking secrecy laws, as well as its reputation as a tax haven, led to its being added to a “gray list” of nations with questionable banking arrangements by the G20.” (Wiki)
  • the #3 in GDP Macau (CHINA!) “is an offshore financial centre, a tax haven, and a free port with no foreign exchange control regimes.[41] [42][43] ” (source: Wiki)

https://www.bloomberg.com/news/videos/2021-04-05/yellen-calls-for-global-minimum-corporate-tax-rate-video

Financial Service Industry aka Banking aka moving around money that avoids taxes

“It is impossible to estimate how much private banking wealth has evaded taxation, but the chart above points to a correlation between states with some form of banking secrecy

  • Switzerland
  • Singapore
  • Channel Islands
  • Caribbean
  • Luxembourg

…and a high global market share in offshore private banking.

The Swiss Bankers Association estimates that 54,000 people were employed in the wealth management business in Switzerland in 2012 (1% of total jobs in Switzerland).

The productivity of the sector is also unsurprisingly high, private banking alone accounts for 2.8% of the annual Swiss GDP (CHF16 billion of value added to the economy).”

https://www.swissinfo.ch/eng/by-the-numbers_is-switzerland-really-the-country-of-bankers-/40473658

So yes financial crime pays too well (still in 2021), Yellen do something! (so this blog can stop Yelling)

GDP by Country

snapshot at 2021-04-05 from source worldometers.info

Latest official GDP figures published by the World Bank. Population figures based on United Nations data.
World’s GDP is $80,934,771,028,340 (nominal, 2017).

See also: GDP per Capita

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