So the UK raises taxes on certain portions of insanely enormous banker bonuses, and the poor little bankers threaten to go Galt Geneva. Funny thing happened on the way…:
Geneva, touted as a haven for London bankers facing heavier U.K. taxes, may lure fewer than predicted thanks to a housing shortage, crowded schools and a 44 percent income-tax rate.
But, but, I thought taxes sapped entrepreunerial spirit, drained creativity and drove away the best and the brightest?
“Some of the German-speaking cantons around Zurich are able to offer tax rates that never exceed 20 percent, but people don’t want to move there, they prefer the lifestyle around Geneva,” said Thierry Boitelle, a partner specializing in tax at law firm Altenburger.
Yes, but have they considered sunny Somalia, with its miles and miles of beachfront property available at a bargain basement rate. And get this: Zero percent tax rates! Zero federal regulations! Zero government oversight!
At last, a chance for the giants among us to cast off the yoke of government imposed by the parasitic working class. I’ll even chip in for the airfare.
(via the Blue Meanie)
December 21, 2009 at 3:53 pm
I had an idea for the financial institutions here in the US that don’t want those pesky government regulations.
Tell them – fine, no regulations from the US Government, but you aren’t allowed to deal in US Currency.
Then I could tell AMEX, “Gee, I’d love to pay my credit card bill, but you can’t take dollars.”
December 21, 2009 at 6:31 pm
Obviously you have misunderstood just what the giants are after. Yes, they do want zero (or as close to zero as possible) tax rates. And they do want little or no government regulation and oversight.
BUT
They do want government regulation and oversight of their competitors. And most especially of the proletariat. The capitalist giants understand perfectly that government is needed to control the masses. Anarchy is no good for business, especially when starving people decide it’s time to find out if the rich taste better than the poor.
So, for all its charms, Somalia is definitely off the list.
December 26, 2009 at 2:36 pm
That’s why libertarians get squeamish when asked about anarcho-capitalism. All of a sudden, they’re compelled to start doing nuance, and it shatters their libertarian facade.
December 21, 2009 at 8:55 pm
Perhaps the moon. I hear there’s water there. And it will probably afford at least a century of tax free operations.
December 22, 2009 at 6:14 am
In debating Fred Smith from CEI, I raised this same issue, asking him about the libertarian utopia of Somalia. His argument was that there is no rule of law there, and that’s why Somalia doesn’t work. I told him that isn’t the law government. And he said that proper law is steadily implemented by the people. You can see how I could have kept going, and he could have kept chasing his tail. I had to stop there, because it would have only confused our law school audience.
December 22, 2009 at 8:24 am
heh
December 22, 2009 at 7:44 am
I’ve known only 2 professed libertarians personally, and their views were exactly what everyone here says: Government should stay out of everything — until it’s an issue that affects the libertarian personally, in which case, there OUGHT TO BE A LAW, DAMMIT!
But I for one welcome our budding uber-wealthy tax-evading neo-feudal overlords. Poverty ain’t so bad, if you’ve got enough cheap wine.
http://www.youtube.com/watch?v=sPJHQmJAiKA
(I read that Rachel was dancing to these guys on her show a couple weeks ago, but I didn’t see it.)
December 22, 2009 at 4:03 pm
At the current level of representation in the house(1:700,000) the elite will continue to rule us.
But bring that number back to a more level field say, (1:100,000) and the ball shall be back with the people. Washington himself said 1:30,000. See http://www.thirty-thousand.org for the real problem with our dysfunctional goverment!
December 24, 2009 at 9:56 pm
10,000 representatives. What could possibly go wrong?
December 22, 2009 at 5:12 pm
Somalia’s okay with me.
Antarctica, without any electricity, nor any connections to the world financial system, would be an object lesson for them on their relative importance to the world….
December 27, 2009 at 11:11 am
20 years ago when I was a bankster in London, my next logical job was in Zurich or New York. I’d spent some time in Zurich and it seemed to me that the place closed at 9 pm. I came to NY which didn’t. At that time, other than a few private banks, there wasn’t much in Geneva. I’ve believed for a while I made the wrong choice: quality of life is much higher and YOU DON’T HAVE TO PAY FOR ALL THE WARS.
BTW the Swiss seem to be trying to attract hedgeies rater than bankers.
January 4, 2010 at 5:17 pm
Want Keyboard Kommandos!!