That's the "magic" of double-taxation treaties: you can shop around for the lowest taxer.
Michael HudsonStocks always go down much faster than they go up. That's why it's called a crash. People who put their money into the stocks will find, all of a sudden, that stock prices are no longer being supported by the debt leveraging that's been holding them up.
Michael HudsonOn the flat tax, the more you compress the tax rates, the more you untax where the income is really made, at the top of the pyramid.
Michael HudsonMoney is not a factor of production. But in order to have access to credit, in order to get money, in order to get an education, you have to pay the banks.
Michael HudsonIncome is sucked upward to the creditors, who then foreclose on the assets of debtors. This shrinks tax revenue, forcing public budgets into deficit. And when governments are indebted, they becomemore subject to pressure to privatization of public enterprise.
Michael HudsonMost of these charges that people pay are economically unnecessary. There's no real cost behind them. There's no real value behind them. So, they're what the classical economist called empty pricing. Prices with no real cost value. What they called rent and fictitious capital. Capital claims on junk mortgage borrowers. The pretense is that all these debts can be paid but it's all fictitious, because everybody knows - at least on Wall Street everybody knows - that many debts can't be paid.
Michael Hudson