Political

Feb 24, 2011 7:33 PM by Melissa Hawkes

Louisiana Businesses Move Overseas

Senator David Vitter is visiting Louisiana towns, talking with residents about their concerns with the current administration. He was in New Iberia this morning addressing a number of hot topics.
Vitter said congress needs to do more to keep businesses on U.S. soil
He said, "we need to reform things, some things right here at home. We have over-regulation that pushes business overseas. We have the highest corporate tax rate in the world. We need to reform that to keep jobs here."
Business owner, Merrel Holley, couldn't agree more. His medical technology company has been based in Louisiana for thirty two years, but now he's branching out over-seas.
He said, "we are paying 35 percent corporate income-tax in the United States. Corporate income-tax for a new corporation in Ireland is 12.5 percent."
His company, Bio International USA, caught the attention of a leading medical provider in Ireland.
He said his company's invention allows people to have a "a bi-directional video conference, where you are looking directly at your doctor. All of you medical records are brought up right there."
A company from Isreal recently offered to buy his business outright. He said he never thought he'd be having more success overseas than right here in the America.
"Our biggest issue is because of lack of capitalization and lack of interest here," he explained. "It's not that we haven't talked with quite a number of groups here in the United States."
Senator Vitter said the biggest sector turning away from Louisiana right now is oil and gas companies.
He said, "we need to start production back up. There hasn't been a single deep water permit since the BP disaster and we are really hurting economically."

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