Where Data Tells the Story
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In 2024, U.S. direct investment abroad generated $577 billion in primary income, with $333 billion (58%) coming from tax havens and low-tax jurisdictions. Leading sources included Ireland ($82.5B, 14.3%), the UK ($66.7B, 11.6%), the Netherlands ($66.6B, 11.5%), Singapore ($53.7B, 9.3%), Caribbean tax havens ($53.7B, 9.3%), and Luxembourg ($36.9B, 6.4%). Following the 2017 Tax Cuts and Jobs Act TCJA), income from Caribbean tax havens and Luxembourg declined by 35.4% and 13.0%, respectively, while the UK, Ireland, Ireland, and Singapore saw gains of 42.4%, 32.4%, and 79.2%—far exceeding the global increase of 11.2% from 2017 to 2023.