Evil Speculator gets it. Nuff said.
You'd be amazed at how fast liquid capital can move if you try to tax it unfairly... The last thing the U.S. needs is capital flight. When that happens... its pretty much over.
Wednesday, February 25, 2009
Bailouts Lead to More Taxes, Possible Capital Flight
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6 comments:
capital flight? To where? Obama is breaking Switzerlnd's legs as w speak so he can tax americans there. The Bahamas and Cayman are no safe haven once Switzerland concedes defeat.
Well looking at the Evil Spec's post, I think I can say that here in Canada we still welcome people of means and ability.
I did not take him (I'm assuming that the Evil Speculator is a he) as saying he does not want to pay his taxes, just that he does not approve of what's being done with his taxes, and that he is thinking of "voting with his feet".
@Anonymouse 1:
The Swiss will simply tell Saint Obama to go eat a brick - and there is little he can do about it too;
At some point in the future there will be the realization that if, f.ex., one mainly desires Chinese consumer goods and Russian weaponry then one might as well trade whatever the Chinese/Russians desire, f.ex. oil, directly in CNY, RBL or just a straight swap of physical goods!
fajensen,
the deal is already made :
http://www.reuters.com/article/newsOne/idUSTRE51I1ZP20090219
besides, your prediction of "straight swap of physical goods" is also another example of your opinions which bear no relation whatsoever with objective reality.
Objective reality says that no one flees the US, everybode flees to the US. The same thing with the dollar.
Anonymouse 1
In Obama's state of the union address he said he wants to cut the deficit in half in his first term. I don't think its credible that he can do this and here is why. We are most likely in a long deep recession, but it will end eventually. In 2010 or 2011 will we be recovering quickly, or slowly? If he increases taxes to get rid of the deficit (like Japan did during their recovery) it will bring the economy back to a downturn. If the government stimulus and other expenditures by 600 billion they might shave a trillion off the deficit. Will the economy be strong enough to take out that amount of expenditures that early? I don't think so. If you did that we'd go back into a downturn.
Taxes ought to be increased on those activities which drain wealth from whatever your country may be.
Taxes ought to be decreased on those things that all buy, although maybe not quite to zero.
Taxes are the price we pay for civilization: tax revenues must be used in such a way so as to encourage industry, and to discourage vice.
Whether taxes ought to be upon consumption, or upon income, I do not know: but considering that all money bears the imprimateur of some State, it is apparent that money represents a piece of that State's "property" in a sense: it'll only be as solid as that State is perceived to be by the ignorant; that in turn requires taxes, to pay for the State's ability to create the necessary impression.
Some "illusions" are vital to our lives. The "illusion" of the value of the paper money of a State is not only necessary, but highly beneficial , to the multiplication of the ends of human endeavor, and of the means to achieve those ends.
It is through having a large enough store of power to enable (if need arise) the animation of the forces of society (that is, by having a large enough purse) that the State can impress upon men that its specie has worth and solidity worthy of respect and trust (this constitutes the credibility of the worth of its money in the eyes of men; its credit), and the only way to get there is to tax. Specifically, to tax those activities which produce enough of a surplus on their own that the imposition of the tax does not cripple the activity. Moreover, to impair the activity as little as possible.
This credit crisis was brought on by the huge flows of money through the untaxed channels of the drug trade: legalize the dope so that the cash which flows through may be properly accounted for and taxed:
to restore the credibility of the International (NYC) Banks, who have been laundering this cash back into the larger economy, without those players paying their share in the costs of our civilization. And to stop the currency from becoming worthless, from drug dealers all over the world putting their proceeds into US dollars, ever increasing their supply. And thereby dropping their value...
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