Speaking of capital flight, do you happen to know the effect of giving up US accounts to the IRS has had on Swiss banking? I would guess that a lot of that money has left Switzerland and moved to other nations where the confidentiality laws are taken more seriously, but I was wondering if there was a chart confirming it.
Perhaps because they do not understand the sheer wonders, powers and benefits of capital.
To understand the concept of "capital flight" and its impact on an economy, they first must understand why having a generous supply of capital is a good thing.
Once you consider the UK's equivalent of Social Security tax, that surtax means more than a dollar in tax is being paid for every dollar in bonus. Disgusting.
Also, as Steven den Beste wrote recently the concept of teleology comes into play, and some people deeply believe that "if things ought to be so so they will be so" no matter that that would also imply that 1+1 = 3 and other unlikely things.
You should also do a posting on the current money laundering laws. These laws will make it very easy, for the US government to enact currency controls. The analogy would be how gun control, eventually leads to an all out ban on guns. The way the Federal Reserve is printing money, currency and capital controls are a real possibility. Currency controls lead to an all out flight of capital. Domestically no will trust the banking system, and people will put their money in the mattress. Internationally no one wants to invest in a country with capital controls. Please be warned, the money laundering laws are the first step towards currency controls.
Economically speaking, that is indeed a 100% tax. However, since the surtax is paid by the company and not the employee, the employee is still going to want their bonus. What's more likely to happen is that bonuses will be curtailed or eliminated, followed by whiny leftist editorials about how companies rape their employees by not paying them bonuses anymore.
Because they are zero-sum thinkers, like the mercantalists, like the socialists. They are not concerned with wealth creation, but with wealth transfers.
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Speaking of capital flight, do you happen to know the effect of giving up US accounts to the IRS has had on Swiss banking? I would guess that a lot of that money has left Switzerland and moved to other nations where the confidentiality laws are taken more seriously, but I was wondering if there was a chart confirming it.
b/c Leftists can force them to stay, idiot.
They will just find some work-around. Shares, perks, whatever is not taxable under the new scheme.
Or they will move to a country with a better tax system... like Canada!
Perhaps because they do not understand the sheer wonders, powers and benefits of capital.
To understand the concept of "capital flight" and its impact on an economy, they first must understand why having a generous supply of capital is a good thing.
They don't.
Once you consider the UK's equivalent of Social Security tax, that surtax means more than a dollar in tax is being paid for every dollar in bonus. Disgusting.
Also, as Steven den Beste wrote recently the concept of teleology comes into play, and some people deeply believe that "if things ought to be so so they will be so" no matter that that would also imply that 1+1 = 3 and other unlikely things.
You should also do a posting on the current money laundering laws. These laws will make it very easy, for the US government to enact currency controls. The analogy would be how gun control, eventually leads to an all out ban on guns.
The way the Federal Reserve is printing money, currency and capital controls are a real possibility.
Currency controls lead to an all out flight of capital. Domestically no will trust the banking system, and people will put their money in the mattress. Internationally no one wants to invest in a country with capital controls.
Please be warned, the money laundering laws are the first step towards currency controls.
How do you contact "The Captain"?
You shoot him an e-mail at
CAPTcapitalism@yahoo.com
Make sure not to spell out CAPTAIN, it's just CAPTcapitalism
So a 50% super tax on the already 50% marginal tax rate - am I wrong is that a 100% tax on bonuses?
"The UK Treasury estimates the move will raise £550m and affect 20,000 bankers, although some bankers suggest it could raise up to £4bn"
Or more likely zero if the effective tax rate on bonuses is 100%!
Economically speaking, that is indeed a 100% tax. However, since the surtax is paid by the company and not the employee, the employee is still going to want their bonus. What's more likely to happen is that bonuses will be curtailed or eliminated, followed by whiny leftist editorials about how companies rape their employees by not paying them bonuses anymore.
Because they are zero-sum thinkers, like the mercantalists, like the socialists. They are not concerned with wealth creation, but with wealth transfers.
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