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www.freedomandprosperity.org |
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Center for Freedom & Prosperity Foundation |
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November 7, 2007 Robert B. Zoellick Dear Mr. Zoellick, I am writing to express concern about an upcoming World Bank study on the "development impact of off-shore financial centers," particularly with regards to whether ideologically motivated interests are seeking to dictate the study's findings in order to support a campaign against tax competition. This would be a mistake. Tax rates have been dramatically reduced in recent decades as tax competition has encouraged nations to adopt pro-growth policy in an effort to attract and retain capital. These lower rates have helped boost global economic growth – a result that is helping to lift tens of millions of people out of poverty. Offshore financial centers are a key part of this process, both because they provide tax-neutral platforms for increased global activity and because their attractive fiscal regimes put pressure on uncompetitive nations to lower tax rates and reform tax systems. Indeed, the World Bank has been very helpful in this process of jurisdictional competition. The "Doing Business" rankings and "Governance Indicators" provide valuable information to investors and entrepreneurs, a process that rewards jurisdictions with good policies and punishes jurisdictions with bad policies. And it is no coincidence that so-called tax havens rank highly in these measures. The World Bank should not undermine tax competition. Instead, the World Bank should embrace tax competition for its ability to stimulate pro-growth policies that encourage investment and innovation. Thank you for your attention, and please do not hesitate to have your staff contact me if you need more information. Sincerely,
Andrew F. Quinlan
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