This is an example of how oppressive government can be. Rather than correct whatever conditions are present here in the U.S. that caused people to move money offshore, the government chose instead to take a foreign-based bank to court and essentially strong-armed them into surrendering their centuries old business model that relied on discretion and privacy.
The U.S. has the second highest corporate tax rate in the world and one of the highest personal tax rates and headed markedly higher soon. In fact, U.S. tax rates are confiscatory, designed to take money from the politically disfavored and redistribute it to the politically favored. It is no wonder that companies and individuals are hiding assets; we have created this ravenous monster in Washington that takes any spare change that is laying around and devours it. Run afoul of it and face prison so that Nancy Pelosi can have enough money on hand to fund whatever nonsense strikes her fancy.
No comments:
Post a Comment