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I think what all of the press surrounding this should signal is it is time to change our antiquated tax structure. Everybody acts like this guy is getting out of 500m in taxes but in reality he is going to have to pay the exit tax (we are one of the only countires I know of that has one). His reasoning is not to completely evaid taxes but avoid rediculous and costly regulation associated with overseas investing/business (also one of the only countries I can think of that does this). I could be wrong as I am far from a global tax expert but I have read enough about the differences in taxation in many EU countries as well as Canada to know we are more complex unforgiving of our citizens who do business internationally. I am sure if these issues were not present this guy would have remained a US citizen.
As the world become more globalized the implications of these laws will have a great impact on new business creation and foreign investment in the US as well as our abilities to compete globally. How will a US manufacturer compete with a company that has half of the tax liability, a savings he can pass onto consumers. Why would somebody want to invest in a country whos taxes offset your investments profitablity to the point where you have to earn a much greater rate of return then would be required in a lower taxation country.
Not trying to get all political but it seems to me as we loose our superpower monopoly on the world we are going to have reinvent ourselfs to ensure we remain competitive.
As the world become more globalized the implications of these laws will have a great impact on new business creation and foreign investment in the US as well as our abilities to compete globally. How will a US manufacturer compete with a company that has half of the tax liability, a savings he can pass onto consumers. Why would somebody want to invest in a country whos taxes offset your investments profitablity to the point where you have to earn a much greater rate of return then would be required in a lower taxation country.
Not trying to get all political but it seems to me as we loose our superpower monopoly on the world we are going to have reinvent ourselfs to ensure we remain competitive.
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