January 10, 2002
From the desk of Mindles H. Dreck:The Willie Sutton Rule
Willie Sutton robbed banks because "that's where the money is."
That's what immediately came to mind when I read about what could be a U.N. effort to create a supranational tax regime.
Posting way back on December 1, I provided some nicely-graphed evidence that many European economies have exactly zero chance of paying for the retirement promises made to their citizens, due to both demographic trends and a complete lack of current funding. This same data famously prompted economist Woody Brock to quip:
Better a future career as a Sicilian bisexual gigolo than as a continental European Prime Minister trying to please the voters.
France, Italy and Spain in particular have to keep every body they can in country and working in 30 years so every worker can support one retiree. Which will require taxing the bejesus out of them. No leaving for lower tax regimes you naughty productive people. No Atlas Andiamo.
So when I hear "strengthened international tax cooperation through enhanced dialogue" from Geneva or First Avenue, I am holding on to my wallet with a death grip.
Posted by Mindles H. Dreck at January 10, 2002 04:48 PM | Technorati inbound links