Ultimately, tax and regulatory reform will determine the character of American economic life in future generations. A tax and regulatory system that promotes consolidation, implicitly or explicitly, not only in the financial industry but also across the economy, will result in fewer and larger businesses, less consumer choice and commodified product offerings. Local businesses, decision making and values will continue to be displaced by nationally-owned corporations that are remote from individual communities.
Commerce based on one-off transactions will displace relationship-based partnerships. Tax reform, accomplished thoughtfully and in conjunction with regulatory reform, could help to thwart these trends and preserve and strengthen local businesses and communities