If multinationals are guaranteed a lower tax rate from the progressive, statutory corporate income tax rate of 35% in exchange for closing tax credits, then small businesses that have enough revenue will either rush to incorporate to get the same benefit now that their tax credits have been removed, or jam their congressional leaders phone lines asking for the same cut to the statutory rate.

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It would prove to be the worst affected of the Asian tigers with a near 80% exchange rate collapse bankrupting the corporate sector which had borrowed heavily in dollars.

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Clearly, nobody is going to get jazzed into relinquishing loopholes in exchange for a shaving of the corporate tax rate and a skyward march in income-tax rates.

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While speculative attacks against Southeast Asian currencies revealed feet of clay, Hong Kong can point to a chunky budget surplus, rising corporate profits and a growing economy, not to mention formidable exchange-rate defenses.

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So if we have tax reform, lower the corporate tax rate, and require the companies to provide healthcare coverage in exchange for the lower tax rate this really would help.

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