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March 12, 2009

Flight Of The Golden Goose

To Switzerland.

In a country with scant crude oil production of its own, the virtual energy boom has changed the canton or state of Zug, about 30 minutes' drive from Zurich, beyond all recognition. Its economy was based on farming until it slashed tax rates to attract commerce after World War Two.

SHUT. UP.

Lower taxes do that?

Screencap that article; there's no way Reuters' online editor meant for that startling admission of basic economic truth to see the light of day.

Over the past six months companies including offshore drilling contractors Noble Corp and Transocean, energy-focused engineering group Foster Wheeler and oilfield services company Weatherfield International have all announced plans to shift domicile to Switzerland.

Remember when the US was the land of economic opportunity?

UPDATE: Great quote from a Master Of The Fuckin' Obvious:

"They are still making some money by having lower taxes on companies," said Lee Sheppard, contributing editor to Tax Notes, a tax journal based in Washington DC.

"But they're not ever going to be making the amount that other governments are annoyed about losing."

Ahhh, such wisdom! Perhaps yes, MOFO; but Switzerland's winning strategy seems to be that they recognize 20% of something is still more than 40% of bupkis.

You fuckin' pinhead.

From Drudge.


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posted by LauraW. at 09:06 AM

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