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 	   	  		<h2 class="posttitle">Posts Tagged &#8216;regulation&#8217;</h2>
 	  

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				<h3 id="post-693"><a href="http://www.pascalsview.com/pascalsview/2009/08/wall-street-journal-opinion-column-dont-strangle-venture-capital-with-miles-of-red-tape.html" rel="bookmark" title="Permanent Link to Wall Street Journal Opinion Column: Don&#8217;t Strangle Venture Capital With Miles of Red Tape">Wall Street Journal Opinion Column: Don&#8217;t Strangle Venture Capital With Miles of Red Tape</a></h3>

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      <div class="month">Aug </div>
      <div class="day">13</div>
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     <a href="http://www.pascalsview.com/pascalsview/2009/08/wall-street-journal-opinion-column-dont-strangle-venture-capital-with-miles-of-red-tape.html#comments" title="Comment on Wall Street Journal Opinion Column: Don&#8217;t Strangle Venture Capital With Miles of Red Tape"><span class='IDCommentsReplace' style='display:none'>693</span>1 Comment &#187;<span style='display:none' id='IDCommentPostInfoPermalink693'>http://www.pascalsview.com/pascalsview/2009/08/wall-street-journal-opinion-column-dont-strangle-venture-capital-with-miles-of-red-tape.html</span><span style='display:none' id='IDCommentPostInfoTitle693'>Wall+Street+Journal+Opinion+Column%3A+Don%27t+Strangle+Venture+Capital+With+Miles+of+Red+Tape</span><span style='display:none' id='IDCommentPostInfoTime693'>2009-08-13+15%3A03%3A17</span><span style='display:none' id='IDCommentPostInfoAuthor693'>admin</span></a>    </div>

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    <p>The <a href="http://www.wsj.com">Wall Street Journal </a>published a <a href="http://online.wsj.com/article/SB10001424052970204908604574336340795464898.html">combined version of  my letter to the editor</a> in response to the <a href="http://online.wsj.com/article/SB10001424052970204313604574328621808977640.html">Washington vs. Silicon Valley editorial of August 7</a> with letters from Harry Edelson (another First Boston alumnus from the &#8217;80&#8217;s), and Ryan Phillips (whom I do not know).  My blog post of yesterday is a longer version of the letter that I sent to the editor.  Scott Austin has written a lively column today on this topic in <a href="http://blogs.wsj.com/venturecapital/2009/08/13/the-daily-start-up-readers-vs-washington-vs-silicon-valley/">Venture Capital Dispatch</a>.  The opinion piece elicited <a href="http://online.wsj.com/article/SB10001424052970204313604574328621808977640.html#articleTabs%3Dcomments">60 comments as of the date of this post</a> covering a wide range of opinions on this important topic.</p>
<p>I think it&#8217;s very important that readers separate their personal feelings about venture capitalists from the capital markets issue.  Small cap IPO&#8217;s are necessary to restore job growth in America, regardless of whether they are venture backed or not.  If we don&#8217;t restore a robust market for initial public offerings of companies raising less than $50 million, America loses, and that has everything to do with promoting entrepreneurs.</p>
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    <p class="postmetadata">Tags: <a href="http://www.pascalsview.com/pascalsview/tag/ipo" rel="tag">IPO</a>, <a href="http://www.pascalsview.com/pascalsview/tag/regulation" rel="tag">regulation</a>, <a href="http://www.pascalsview.com/pascalsview/tag/silicon-valley" rel="tag">Silicon Valley</a>, <a href="http://www.pascalsview.com/pascalsview/tag/wall-street-journal" rel="tag">Wall Street Journal</a><br /> Posted in <a href="http://www.pascalsview.com/pascalsview/category/adult-education" title="View all posts in Adult Education" rel="category tag">Adult Education</a>,  <a href="http://www.pascalsview.com/pascalsview/category/entrepreneur" title="View all posts in Entrepreneur" rel="category tag">Entrepreneur</a>,  <a href="http://www.pascalsview.com/pascalsview/category/innovation" title="View all posts in Innovation" rel="category tag">Innovation</a>,  <a href="http://www.pascalsview.com/pascalsview/category/levensohn-venture-partners" title="View all posts in Levensohn Venture Partners" rel="category tag">Levensohn Venture Partners</a>,  <a href="http://www.pascalsview.com/pascalsview/category/vc-board-best-practices" title="View all posts in VC Board Best Practices" rel="category tag">VC Board Best Practices</a>,  <a href="http://www.pascalsview.com/pascalsview/category/venture-capital" title="View all posts in Venture Capital" rel="category tag">Venture Capital</a> |   <a href="http://www.pascalsview.com/pascalsview/2009/08/wall-street-journal-opinion-column-dont-strangle-venture-capital-with-miles-of-red-tape.html#comments" title="Comment on Wall Street Journal Opinion Column: Don&#8217;t Strangle Venture Capital With Miles of Red Tape"><span class='IDCommentsReplace' style='display:none'>693</span>1 Comment &#187;<span style='display:none' id='IDCommentPostInfoPermalink693'>http://www.pascalsview.com/pascalsview/2009/08/wall-street-journal-opinion-column-dont-strangle-venture-capital-with-miles-of-red-tape.html</span><span style='display:none' id='IDCommentPostInfoTitle693'>Wall+Street+Journal+Opinion+Column%3A+Don%27t+Strangle+Venture+Capital+With+Miles+of+Red+Tape</span><span style='display:none' id='IDCommentPostInfoTime693'>2009-08-13+15%3A03%3A17</span><span style='display:none' id='IDCommentPostInfoAuthor693'>admin</span></a></p>


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				<h3 id="post-662"><a href="http://www.pascalsview.com/pascalsview/2009/08/proposed-international-tax-reform-carries-serious-negative-unintended-consequences-for-u-s-companies-and-damages-u-s-global-competitiveness.html" rel="bookmark" title="Permanent Link to Proposed International Tax Reform Carries Serious Negative Unintended Consequences for U.S. Companies and Damages U.S. Global Competitiveness">Proposed International Tax Reform Carries Serious Negative Unintended Consequences for U.S. Companies and Damages U.S. Global Competitiveness</a></h3>

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      <div class="month">Aug </div>
      <div class="day">11</div>
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     <a href="http://www.pascalsview.com/pascalsview/2009/08/proposed-international-tax-reform-carries-serious-negative-unintended-consequences-for-u-s-companies-and-damages-u-s-global-competitiveness.html#respond" title="Comment on Proposed International Tax Reform Carries Serious Negative Unintended Consequences for U.S. Companies and Damages U.S. Global Competitiveness"><span class='IDCommentsReplace' style='display:none'>662</span>0 Comments &#187;<span style='display:none' id='IDCommentPostInfoPermalink662'>http://www.pascalsview.com/pascalsview/2009/08/proposed-international-tax-reform-carries-serious-negative-unintended-consequences-for-u-s-companies-and-damages-u-s-global-competitiveness.html</span><span style='display:none' id='IDCommentPostInfoTitle662'>Proposed+International+Tax+Reform+Carries+Serious+Negative+Unintended+Consequences+for+U.S.+Companies+and+Damages+U.S.+Global+Competitiveness+</span><span style='display:none' id='IDCommentPostInfoTime662'>2009-08-11+15%3A00%3A10</span><span style='display:none' id='IDCommentPostInfoAuthor662'>admin</span></a>    </div>

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    <p><img class="alignright size-full wp-image-670" title="images-7" src="http://pascalsview.chime.com/wp-content/uploads/2009/08/images-7.jpg" alt="images-7" width="148" height="74" />The accounting firm KPMG recently issued a public policy alert with respect to new international tax regulations that were introduced in May for Congressional consideration.  According to the report:</p>
<blockquote><p><em>Under existing U.S. tax rules, companies may defer paying taxes at rates as high as 35 percent on most types of foreign profits so long as that money remains invested overseas. The administration proposals are intended to reduce incentives to invest overseas so that companies would be more likely to invest in the United States.  The potential consequences ofthese proposals include a significant increase in the financial accounting and cash effective tax rates of affected companies, accompanied by a corresponding reduction in net income and earnings per share.</em></p></blockquote>
<p>The three proposals impact the deferral of U.S. deductions allocated to foreign-source income, reform foreign tax credit (FTC) rules through pooling, and modify the “check-the-box” rules, requiring certain foreign entities that were previously ignored for tax purposes to be classified as corporations.</p>
<p>Based on my discussions with KPMG tax partners, the practical impact of these proposed rules is negative in two important ways: First, companies will still be required to deduct expenses from foreign operations for book purposes but will not be able to deduct the majority of them for tax purposes, regardless of whether the income is repatriated or not.  This effectively raises corporate taxes and will reduce corporate earnings and free cashflow for re-investment.<br />
Second, and this is the part that should be of greatest concern to legislators and American business people, I do not believe that this legislation, if enacted, will achieve the intended objective (per KPMG) of reducing incentives to invest overseas.  On the contrary, it will encourage corporations to both accelerate and permanently  increase their investments overseas by divesting themselves of their foreign subsidiaries, selling them to foreign-domiciled intermediary corporations, and paying those corporations a margin for servicing the U.S. corporation’s continuing needs.  In effect, the unintended consequence will be to permanently keep these assets offshore and make U.S. companies pay more to intermediaries for the same service, because it will still cost them less than paying the higher tax burden imposed by the Congress.</p>
<p>The abundance of risk capital during America’s technology bubble in 1999 and 2000 effectively financed the launch of the technology innovation ecosystems that now thrive in China, India, Singapore and other emerging (and increasingly robust) economies.  Are we now going to change our international tax structure to further entrench the dependence of American companies on these emerging giants?  The pursuit of short-term tax revenues as the expense of sound long-term industrial planning is yet another example of tunnel vision among Washington policymakers.</p>
<p>If you are involved with companies that do international business, please do the research, understand the implications, and contact your legislators in Congress and urge them to vote against this ill-conceived regulation.  We must stop damaging America’s global competitiveness.</p>
<p><a href="http://www.whitehouse.gov/the_press_office/LEVELING-THE-PLAYING-FIELD-CURBING-TAX-HAVENS-AND-REMOVING-TAX-INCENTIVES-FOR-SHIFTING-JOBS-OVERSEAS/ ">CLICK HERE</a> to see the original White house document.</p>
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    <p class="postmetadata">Tags: <a href="http://www.pascalsview.com/pascalsview/tag/corporate-tax" rel="tag">corporate tax</a>, <a href="http://www.pascalsview.com/pascalsview/tag/international-taxation" rel="tag">international taxation</a>, <a href="http://www.pascalsview.com/pascalsview/tag/kpmg" rel="tag">KPMG</a>, <a href="http://www.pascalsview.com/pascalsview/tag/regulation" rel="tag">regulation</a><br /> Posted in <a href="http://www.pascalsview.com/pascalsview/category/corporate-governance" title="View all posts in Corporate Governance" rel="category tag">Corporate Governance</a>,  <a href="http://www.pascalsview.com/pascalsview/category/foreign-policy" title="View all posts in Foreign Policy" rel="category tag">Foreign Policy</a> |   <a href="http://www.pascalsview.com/pascalsview/2009/08/proposed-international-tax-reform-carries-serious-negative-unintended-consequences-for-u-s-companies-and-damages-u-s-global-competitiveness.html#respond" title="Comment on Proposed International Tax Reform Carries Serious Negative Unintended Consequences for U.S. Companies and Damages U.S. Global Competitiveness"><span class='IDCommentsReplace' style='display:none'>662</span>No Comments &#187;<span style='display:none' id='IDCommentPostInfoPermalink662'>http://www.pascalsview.com/pascalsview/2009/08/proposed-international-tax-reform-carries-serious-negative-unintended-consequences-for-u-s-companies-and-damages-u-s-global-competitiveness.html</span><span style='display:none' id='IDCommentPostInfoTitle662'>Proposed+International+Tax+Reform+Carries+Serious+Negative+Unintended+Consequences+for+U.S.+Companies+and+Damages+U.S.+Global+Competitiveness+</span><span style='display:none' id='IDCommentPostInfoTime662'>2009-08-11+15%3A00%3A10</span><span style='display:none' id='IDCommentPostInfoAuthor662'>admin</span></a></p>


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