Corb7 Blog

No question that we need tax reform but what direction to take? This will be a very interesting question that will be addressed on both a federal level and state level over the next few months. Should we chase more business overseas with taxes? Currently, there is so much potential legislation that if enacted will be destructive to international business that it requires steeping back and really considering the ramifications. Let’s do so without going to the lowest common denominator and trying to create an adversarial relationship between small business and international business which is senseless because with the dawn of internet commerce many small entrepreneurs have overseas interests. If left unchecked, a great deal of this potential legislation will pursue the same witch-hunt mentality that is never successful. International business is not evil. Yes, by-all-means US based corporations need to pay their taxes. More and more, however, offshore financial centers are used by businesses (small and large) as a source for asset protection or as an entree into international markets. Every time a government official or committee panders to the local vote without regard to the realities of the global market it inhibits international business. It is simply a case of apples and oranges – both are different and can mutually coexist. Why don’t we concentrate on making the US the most attractive location to do business in the world? Let’s start with the manufacturing sector that has almost been completely chased offshore. Ahh – but that would mean cutting some of the pork out of budgets and cutting taxes. Here is an interesting question – where is the largest tax haven in the world? Answer: the United States of America for non-citizens willing to invest in our debt instruments – no reporting and no tax …hypocrisy anyone?

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