Baptists and bootleggers is the phrase meaning two wildly unlikely allies pursuing the same goal for their own reasons.
Baptists are in favour of prohibition because it stops peeps from consuming the demon booze: the bootleggers are in favour of prohibition for the profits to be made from supplying that now illegal demon booze.
Thus both Baptists and bootleggers support prohibition.
Duncan Bannatyne, the terror of Dragons’ Den, who has made no secret of his disdain for “non-doms” in the past, is taking his protest to the streets.
“There are too many people in this country who are non-doms, living here 365 days a year, paying no taxes,” Bannatyne tells Mandrake at a party to celebrate Piers Morgan’s leaving the country, to present Piers Morgan Tonight on CNN.
Firstly, of course, it isn\’t true that non-doms pay no taxes. They pay exactly the same domestic taxes as any other resident of the country. What they don\’t pay is tax upon their non UK earnings…..which they also keep offshore.
In this case the Baptists are such as R. Murphy: can\’t see an income without wanting to tax it. And Mr. Bannatyne here is the bootlegger.
For recall how it is that capitalists/VCs/entrepreneurs actually work. They\’re looking to put their money into that limited number of projects which offer the possibility of above market returns. And it is a limited number: and each VC is in competition with all of the others to identify and invest in them.
Some number of his fellow entrepreneurs (quite a large number actually) are non-doms. Either excluding them from the market or, in what is a roundabout manner of doing the same thing, increasing the tax burden upon them, reduces the competition that Mr. Bannatyne faces in the competition to identify and invest in those juicy situations.
Baptists and bootleggers: Murphy and Bannatyne are on the same side, arguing for the same thing, for entirely different reasons. Indeed, each would be horrified at the motivations of the other.