This is unsurprising. Switzerland deliberately created banking secrecy in 1934 to assist those evading tax in their home jurisdictions. Whether or not this was acceptable in 1934 does not matter: it is wholly unacceptable now.
That\’s right. The world is entirely free of thieving governments who would murder people for their money, isn\’t it? Not a single dictatorship on the planet and never will be ever again.
To make the UK into even more of a tax haven than it already is would only increase our isolation from Europe, as it would effectively be a declaration of economic warfare on the already tax-starved economies of the EU.
The average is that some 40-50% of all economic activity ends up in the maws of government in those countries. We can call this many things but \”tax starvation\” ain\’t one of them.
In contrast, the UK badly needs high corporate tax revenues from businesses capable of generating large numbers of jobs, as employees alone are currently unable to fund the social services they require – hence the need for a serious tax contribution from their employers.
He\’s really still not got this tax incidence thing, has he?
All corporate taxes fall on households in the end. Companies might be convenient places to get cash from but they are not the people actually carrying the economic burden. It is some combination of shareholders, workers and consumers that are carrying the burden: those getting the social services which they are unable to fund.
What Ritchie\’s done there is prove that social services are too expensive. Well done that man.