When I started writing commentary for this Blog I promised myself that I wouldn't become yet another pundit with a scathing tongue for mainstream media, after all, the press is doing what they're supposed to be doing, reporting. Today however, I saw a story in the USA today that I just had to borrow an excerpt from (see below) because it completely typifies the reason I created OffshoreNet some 10 years ago.
Corporate greed is not such a bad thing, since it's driven by shareholder demand for return on investment and shareholders are the public. The public has a right to profit from the success of good ideas and growing businesses need public capital to continue growing. It's an endless circle.
Ten years ago, I created OffshoreNet because I believed people would use the Internet to access global information for learning how to incorporate in more competitive International jurisdictions, I also though that corporations of all sizes would leverage the Internet to increase revenues by entering new Global markets and deploying strategic tax avoidance by the use of foreign subsidiaries. Also, at that time the term "Information Age" was becoming old and yet most people didn't really understand the meaning, I did, or at least I thought I did but I never could have foreseen the amount of money that's been made, being made and going to be made from Intellectual Capital. As John Perry Barlow quite aptly named it "The economy of ideas".
Well look where we're at now;
Foreign profits must meet rules to earn tax cut
The Treasury Department said Thursday that it won't give U.S. companies a tax break on about $420 billion in foreign profits if the money is used to pay for stock buybacks and dividends.
That advisory surprised Wall Street and could reduce the amount of foreign profit brought home under the one-year windfall, financial analysts said.
Read the whole story by clicking here.
