This article and the videos after it are a wonderful denfense of the purpose for and prosperity that derives from tax shelters…next time someone starts whining about Romney’s Caymen accounts send them here.
My friend Pierre Bessard of Switzlerand’s Liberales Institut has a column in today’s New York Times defending financial privacy from the predations of both international bureaucracies and American tax collectors. Pierre sagely notes that the Swiss system respects the privacy of citizens, unlike the “Orwellian” systems in places like America. This approach results in a very high level of tax compliance in Switzerland, and also provides a refuge for oppressed people around the world:
…for us here in Switzerland, our financial privacy laws are a foundation for individual dignity and basic property rights. Unfortunately, the confidentiality that is the hallmark of Swiss banking is coming under increasing pressure. …Earlier this year, Switzerland was put on a “gray list” by the Organization for Economic Cooperation and Development and threatened with financial sanctions, leading the government to provisionally renegotiate tax agreements with a dozen countries so far. …Switzerland, which is home to an…
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You know, there are huge cities in China, with planned roads, prebuilt office buildings, residential, commercial, and factories already to use. Roads, electricity, water, wifi. Planned and built at government expense. They sit empty.
Meanwhile economic prosperity existed before public utilities, before roads were paved, before government subsidized railroads or canals.
Success created the roads, the utilities, all the things Barrack Obama and Elizabeth Warren claim is the cause of success.