Jesu Christe and Good God Almighty. How on earth does this man get regarded as an expert on the economy? Will Hutton:
And there is Bruce Wasserstein, the larger-than-life, extravagantly rich current CEO, who now lives in London to escape even the US\’s minimal taxes.
He\’s a US citizen. Thus he pays US taxes. The US is unique in this regard, that you do not escape their minimal taxes (which, in NYC at least, are not minimal, they\’re higher than the UK…when you add Federal to State and City income taxes they\’re over 50%) by moving abroad. You still cough up to Uncle Sam what you would if you lived in the US (barring some minor adjustments fo amounts under $100,000 or so, which certainly aren\’t going to bother someone like Wasserstein).
Not knowing that simple and basic fact really rather makes anything else Hutton has to say on the subject a little suspect, doesn\’t it?