Second, institute laws that protect foreign investments and guarantee the repatriation of profits and dividends.
What would really grab the attention of foreign investors and local companies would be China's granting full convertibility on capital accounts, allowing free-flowing investment and repatriation of profits.
Measures needed to legitimize private property, free enterprise, repatriation of profits, etc. must be swiftly enacted and the sort of half-steps and bureaucratic impediments to dismantling the command economy favored heretofore by Gorbachev dispensed with.
In case you missed it, Cisco Systems (CSCO) CEO John Chambers showed up on 60 Minutes on Sunday to talk about one of his favorite topics: corporate taxation and the repatriation of profits held overseas.
FORBES: Cisco CEO Chambers Says U.S. Tax System Is A "Dinosaur"
Corporate tax reform, of which the repatriation of offshore profits will eventually be changed, was not part of the list.
FORBES: Bringing Overseas Corporate Profits Back To US Not Necessarily A Job Booster
Simple policies like strategic immigration and repatriation of corporate profits would be a tremendous boon to the U.S. economy, which, no matter how you slice it, is what this election is about.
Repatriation of those offshore profits in places like Bermuda and Singapore could allow a large proportion of foreign profits to return home at a deep discount.
The good news is that support is growing on both sides of the aisle in Congress for a tax holiday on the repatriation of foreign corporate profits.
FORBES: Holiday Season Is Just Around The Corner -- Corporate Tax Holiday Season That Is
Dubai's attractions are many: In addition to glitzy shopping malls, it boasts so-called "free zones, " which allow for 100% foreign ownership, 100% repatriation of capital and profits, exemption from corporate tax and no import duties.
However, the repatriation and laundering of narco-profits, as well as the impunity enjoyed by the traffickers has reached an institutionalized level.
And as a low tax repatriation seems to deliver those offshore profits into the hands of the shareholders the Levin report is an argument in favour of a second repatriation rather than what the Distinguished Senators seem to think it is, an argument against one.
FORBES: Senator Carl Levin's Report: Has It Been Hacked Or Something?
Corporate tax rates should be lower, tax rates on profits earned outside the U.S. should promote repatriation of much of that money, capital gains taxes should remain low or lowered even more, subsidies and loopholes that no longer make sense or are unfair need to be eliminated, and the list goes on.
He's also considering a low "deemed repatriation tax" that would require American companies to pay a tax of about 5% on profits stored overseas.
WSJ: The Weekend Interview with Dave Camp: Is Tax Reform Politically Possible?
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