The profits of foreign subsidiaries of U.S. corporations in 18 tax havens soared from $88 billion in 1999 to $149 billion in 2002. Total profits of U.S. multinationals’ foreign subsidiaries around the world stood at $255 billion in 2002. That means those 18 tax havens were home to 58 percent of the foreign profits of those multinationals — a figure that far exceeds the share of economic activity that multinationals conduct in those low-tax countries.
Full report (pdf)

¶ 11:21 PM